Profits of SOEs total MNT 880 billion

ZGM DAILY

2018-05-07 13:01 GMT+8

State Ownership Management and Social Responsibility event was launched yesterday at the Central Square in Ulaanbaatar. The event aims to promote operations, achievements, success and milestones of state-owned enterprises (SOE) and the Government’s stakeholding companies to the public. In the event, a total of 75 SOEs, including Erdenet Mining Corporation, Erdenes Mongol LLC, MIAT Mongolian Airlines, Ulaanbaatar Railway JSC and National Center for Road Transportation, are participating.

In his opening speech, Mongolian Prime Minister Khurelsukh Ukhnaa emphasized that the Government has set two major goals: first, to strengthen justice in the society and improve workplace discipline and accountability at all level of public service; secondly, to stabilize the country’s diminished economy. In order to combat unemployment and poverty, his cabinet is attaching a focus to increase jobs, in which the SOEs play a significant role.

According to the PM, 60 percent of SOEs and the Government- involved private entities faced operational loss in 2016. In turn, 70 percent of 97 SOEs accomplished a positive cash flow in 2017. Specifically, these companies employ 45 thousand people and earned MNT 7.1 trillion revenue and MNT 880 billion net profit last year.

“This is a great success. I would like to say that this number is a concrete support to halt the economic crisis,” Mr. Khurelsukh highlighted. He added that there are 18 SOEs among the Top 100 firms, which were named recently, and the SOEs allocated MNT 1.7 trillion to the state budget as taxes and fees in 2017.

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