State-owned enterprises (SOEs) have paid out only MVR 246 million in dividends owed to the state from their profits last year, data by the Ministry of Finance has revealed.

The state has received only 30 percent, of an estimated total of MVR 775 million, of the dividends earmarked within the 2024 budget.

While SOEs had not made full dividend payments to the state by the end of 2023, the state had received MVR 710 million from the companies; 35 percent less than the budgeted estimate.

Compared to the state’s contributions to SOEs, dividend payments to the state from the SOEs are relatively small. The Ministry of Finance had previously noted that very few companies pay dividends in accordance with the rules.

In addition to outstanding dividend payments, companies also owe large amounts of taxes to the state. As of last year, the state has not received MVR 880 million in fines and taxes from SOEs.

The state operates more than 30 SOEs out of which only 50 percent are profitable. SOE budget allocations for 2024, however, are still in the billions of Rufiyaa.