President Ranil Wickremesinghe’s administration has not restructured any SOEs in the past two years despite calling for bids and shortlisting local and international companies

However, restructuring efforts for at least seven entities have faced delays over the past eight months due to the government’s focus on transparency, maximising value, protecting employee rights, and improving service quality, State Minister of Finance Ranjith Siyambalapitiya disclosed.

According to finance ministry data, key SOEs turned a total loss of Rs.743 billion in 2022 to a profit of Rs. 456 billion in 2023.

Analysts’ note these profits were achieved after the government absorbed large debts from Ceylon Petroleum Corporation and SriLankan Airlines.