Companies in the State Business Sector (SEE) continued to report overall negative results, despite improvements in financial structure indicators.
The CFP reported that the turnover of non-financial enterprises reached 20.6 billion euros, an increase of 5.2 billion euros compared to 2023. Equity rose to 18.9 billion euros, supported by shareholder financial commitment, while liabilities increased slightly to 49.3 billion euros.
Financial autonomy and solvency ratios strengthened to 27.7% and 38.4%, respectively; however, 35 companies were technically bankrupt.
The report highlighted that the majority of non-financial SEE companies experienced losses in 2024, notably in the health sector. Of the 88 entities analyzed, only 36 reported positive net results, totaling 565 million euros.
The remaining 52 entities reported losses of 1.9 billion euros, with ULS de São José facing the highest individual loss of 150 million euros.
The health sector accounted for 93% of SEE’s negative net result, with losses amounting to 1.7 billion euros, reflecting the impact of SNS reorganization and high operational costs.
Excluding SNS public business entities, TAP SGPS had the largest loss, at 59 million euros.
The CFP noted improvements in the transport, storage, and other non-financial sectors in 2024, with a combined net result of 205 million euros, up 58 million euros from 2023.
This performance was aided by significant positive contributions from Infraestruturas de Portugal and TAP SA, the latter consolidating holdings with Portugália despite a drop in its own results.
The aggregate net result for other non-financial sectors was 221 million euros, notably with Parvalorem transitioning from a 98 million euro loss in 2023 to a 16 million euro profit in 2024, thanks to the reversal of impairments and provisions primarily due to credit recovery.
Investment by these companies increased in 2024, reaching a total of 4.1 billion euros, up 4.2% from 2023.
Financial enterprises within the SEE significantly enhanced their profitability, with Caixa Geral de Depósitos (CGD) standing out. The overall net result was 1.8 billion euros, an increase of 369 million euros from 2023, with CGD contributing significantly.
The financial effort by the state towards the SEE reduced in 2024, reflecting lower financing needs. The net financial effort decreased to 3.5 billion euros, down 1.2 billion euros from 2023.
At the end of 2024, the SEE employed 187,088 workers, a 14.5% increase compared to 2023, accounting for 3.7% of national employment and 23.2% of public sector employment.
The CFP concluded that governance and transparency weaknesses persist in the SEE, despite some progress in information disclosure. Only 70 reports and accounts for 2024, representing 48% of the total, had been approved by the authorities by the report’s completion date, highlighting ongoing delays in meeting regulatory deadlines. This situation was also observed in other management tools, affecting accountability and sector efficiency.
