The combined debt of government-owned companies rose to MVR 37 billion in the first half of the year, an increase of about MVR 2 billion compared with the end of last year, according to official figures.
Maldives Airports Company Limited (MACL) recorded the highest debt among state-owned companies, with its liabilities standing at MVR 13 billion. Borrowing at the company increased by MVR 1.2 billion during the first half of the year.
Housing Development Corporation (HDC) had the second-largest debt, at MVR 9.3 billion. This was a five percent decline from the end of 2024, when the company’s debt stood at MVR 9.8 billion.
Total corporate debt stood at MVR 35 billion at the end of 2024. The increase recorded in the first half of this year was driven mainly by higher borrowing at MACL and the State Trading Organization (STO).
STO’s debt rose to MVR 983 million, an increase of 25 percent during the period. The debt of Fahi Dhiriulhun Corporation also increased, rising by MVR 900 million in the first half of the year.