Semasinghe says SOEs record profit amidst divestment drive

• Highlights SOEs rebounding from staggering loss of Rs. 743 b in 2022 to robust profit of Rs. 456 b in 2023
• Insists on continuing on divestment process of selected SoEs vital to boost private sector contributions, aligning with global economic challenges
• Says divestment of SOEs will lead to a more efficient, competitive and sustainable economy

State Minister of Finance  Shehan Semasinghe

State Minister of Finance Shehan Semasinghe yesterday announced the remarkable turnaround of State-Owned Enterprises (SoEs) has garnered attention, with profits surging from a loss of Rs. 743 billion in 2022 to a significant profit of Rs. 456 billion in 2023. 

Taking to ‘X’ he attributed this positive financial trajectory to the concerted efforts taken by the Government towards enhancing operational efficiency and fiscal sustainability within the public sector. 

“However, continuing on the divestment process of selected SoE’s is vital to enhance private sector contributions, aligning with global economic challenges. This allows the Government to focus on its core responsibilities and ensuring taxpayer money is utilised effectively and focus on essential investments on public services such as healthcare, education, agriculture, infrastructure development and so on which will improve the overall quality of public services,” he added. 

Semasinghe also noted restructuring and divestment of SoEs reduces the Government intervention in the economy, promoting market driven decision making and reducing the risk of inefficiency and political interference in business operations. 

“Overall, divestment of SOEs in Sri Lanka will lead to a more efficient, competitive and sustainable economy,” the State Minister pointed out.