State-owned companies

Government Inc.

You own the power company, the seaport, the airport, the airline, the phone company and the post office. Here is how each is really doing — the profits, the losses, and the money they owe you — read straight from the 2026 budget.

clearly profitable

mixed picture

carrying real risk

GEBE
Electricity & water
At risk
Cg +5.5M
Net result · 2021
No audited accounts for 2022–2024 — the 2022 cyberattack disrupted its records. Last audited (2021): equity Cg 204.1M, profit Cg 5.5M. A Cg 75.6M loan was taken out for GEBE in 2024.
Unaudited
TelEm
Telecommunications
At risk
Cg −38.4M
Net result · 2023
Net loss of Cg 38.4M in 2023 — mostly one-off restructuring plus a Cg 14.5M deferred-tax write-off (underlying loss ≈ Cg 6M). A smaller ~Cg 4M loss is expected for 2024 as the restructuring takes hold.
Port
Seaport
Mixed
US$+11.2M
Net result · 2024
Profitable — US$11.2M in 2024 on US$62M revenue. But it owed government Cg 13.1M in concession-fee arrears (Q2 2025); a repayment plan was signed in September 2025.
Owes government Cg 13.1M
WINAIR
Airline
Profitable
US$+3.7M
Net result · 2024
Profitable — US$3.7M in both 2023 and 2024, with positive equity after fully repaying its COVID-19 loan.
PJIAE
Airport
Profitable
Cg +21.1M
Net result · 2024
Profitable — Cg 21.1M in 2024, up Cg 9.5M, recovering strongly after the terminal reconstruction (Q2-2025 EBITDA margin 47.8%).
PSS
Postal services
Mixed
No recent accounts
Financial situation not yet satisfactory; currently kept afloat by additional operating contributions from government.

What the budget counts on

It lends far more than it collects back.

For all six companies, the 2026 budget expects just Cg 6M in dividends and Cg 12M in concession fees. Yet it takes on Cg 75.6M of new borrowing for GEBE generators alone — for a utility whose books haven’t been audited since 2021 — and is still owed Cg 13.1M in overdue concession fees.

See the full budget

Source · Explanatory Notes to the 2026 National Budget of Sint Maarten, §6.7 (Government-owned companies, p.199–201). Results are stated as the budget reports them — the Port and WINAIR in US dollars, the others in Caribbean guilders. Figures are the latest available; where accounts are delayed, that is noted.