STELCO reports MVR 138 million profit after 2023 loss
Fahmy attributed the financial recovery to improved resource management, waste reduction, and operational efficiencies.
The State Electric Company (STELCO) has recovered from a loss in 2023 and reported a profit of MVR 138 million in 2024.
STELCO Managing Director Hussain Fahmy presented the company’s financial highlights, stating:
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In 2023, the company recorded a loss of MVR 172 million.
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In 2024, the company posted a profit of MVR 138 million, marking its highest profit in six years.
According to Fahmy, STELCO’s profits have fluctuated over recent years:
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2018: MVR 105 million profit
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2019: MVR 109 million profit
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2020: MVR 130 million profit
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2021: MVR 105 million profit
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2022: MVR 106 million profit
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2023: MVR 172 million loss
Fahmy attributed the financial recovery to improved resource management, waste reduction, and operational efficiencies. He stated that the results indicate an improvement in the company's financial position.
