Public corporations register €96.2m surplus in 2018

Malta’s 52 public corporations registered a surplus of €96.2 million in 2018, equivalent to 0.8% of the GDP.

The National Statistics Office is publishing the aggregate financial statements of Maltese public corporations for the first time, following a recommendation made by the IMF’s fiscal transparency evaluation mission to Malta held in 2018. Public corporations are defined as government-controlled entities principally engaged in the production of goods or services.

The total assets of Maltese public corporations, stood at €3.73 billion in 2018, with non-financial assets accounting for 66.1% of the total. On the other hand, financial liabilities totalled €2.17 billion, with bank borrowings accounting for 56% of the total.

Compared to 2017, the aggregate net worth of public corporations increased by €113.1 million, since the rise in assets (+€187.1 million) outweighed the increase in total liabilities (+€74 million).

The net worth of public corporations had reached over €1.56 billion in 2018, over five times higher than the net worth of €283.6 million registered in 2010.

The above figures exclude the Central Bank of Malta, whose assets and liabilities are considerably higher than those of other public corporations.

Including the Central Bank, the total assets and total liabilities in 2018 stood at €12.58 billion and €10.56 billion respectively, translating to an overall net worth of €2.03 billion.