The number of employees working in state-owned companies rose to 36,753 at the end of the second quarter of last year, according to the latest report released by the Privatization and Corporatization Board (PCB).
According to the SOE quarterly report, two-thirds of these employees work in self-sufficient companies. The remaining employees work in state-funded companies.
Quarter-on-quarter, the number of people employed in government companies increased by 3,469 in the second quarter of last year. There were 2,087 more employees than at the end of 2023 during the last parliamentary elections.
Number of employees working in government companies
- At the end of the first quarter (January-March) last year - 33,2284
- At the end of the second quarter (April-June) last year - 36,753
The number of employees at the end of 2023 noted in the new report is different from the first quarter review report released earlier in 2024. It is unclear how the 2,698 staff increases mentioned in the PCB's report were obtained.
The Housing Development Corporation (HDC) hired the highest number of employees during the quarter. The next highest number of employees were recruited by Fenaka, Maldives Transport and Contracting Company (MTCC) and Road Development Corporation (RDC).
Companies that hired the most employees
HDC - 559
Fenaka - 502
MTCC - 461
RDC - 290
Maldives Airports Company Limited (MACL) - 254
Waste Management Corporation (WAMCO) - 244
Maldives Ports Limited (MPL) - 175
State Electric Company Limited (Stelco) - 109
While the number of employees increased, the situation of the companies did not change. Most of the companies that reported profits in the quarter were always profitable. Among the loss-making companies, Public Service Media (PSM) and Fenaka reported a profit in that quarter.
