The Ministry of Finance and Planning has reported a significant increase in State-Owned Enterprise (SOE) dividends, which rose by 273 per cent compared to the same period last year.

According to the Ministry’s Weekly Fiscal Developments report, dividends from SOEs reached MVR 223.7 million as of April 10, 2025, compared to MVR 60 million recorded during the same period in 2024. This figure accounts for 9 per cent of total non-tax revenues collected by the Government so far this year.

In comparison, SOE dividends totalled MVR 197.6 million in 2023 and MVR 65.9 million in 2022, showing a continuing upward trend. The Ministry noted that the increase in SOE contributions has positively impacted the State’s fiscal position, which recorded a budget surplus of MVR 2.1 billion as of April 10.

The Government has made a concerted effort to enhance corporate governance standards across State-Owned Enterprises. In 2024, the Privatization and Corporatization Board (PCB) introduced a pool of directors with professional backgrounds in accounting and finance to serve on SOE boards. These professionals are required to hold recognition from the International Federation of Accountants (IFAC) to ensure improved financial oversight and reporting practices.