KATHMANDU: There has been an improvement in the profits of public enterprises (PEs) in FY 2022/23. Compared to FY 2021/22, the overall net profit of PEs increased by 3046.20 percent to Rs 48.51 billion in FY 2022/23.

The five PEs with the highest net profit are Nepal Oil Corporation, Nepal Electricity Authority, Nepal Telecommunication Company Limited, Citizen Investment Trust, and Deposit and Credit Protection Fund.

Among these, Nepal Oil Corporation (NOC) made the most significant contribution. The NOC, which incurred a loss of Rs 38.17 billion in FY 2021/22, saw its profit rise to Rs 11.72 billion in FY 2022/23.

The total operating income increased by 14.87 percent, rising to Rs 661.01 billion in the fiscal year 2022/23 from Rs 575.43 billion in the fiscal year 2021/22.

Out of 44 existing public enterprises (PEs), 15 have incurred losses. According to the Annual Status Review of Public Enterprises submitted by Finance Minister Barshaman Pun to the Parliament on Sunday, 26 PEs have earned profits, while the transactions of three PEs are zero.