State Electric Company Limited (STELCO) has reported an annual profit of MVR 137.9 million for last year, overcoming its heavy loss in 2023.
STELCO’s Managing Director, Hussain Fahmy shared a brief overview of the annual financial standing for the past seven years, starting from 2018.
STELCO Financial Performance over the Years
- 2018: MVR 105 million [profit]
- 2019: MVR 109 million [profit]
- 2020: MVR 130 million [profit]
- 2021: MVR 104.7 million [profit]
- 2022: MVR 106.8 million [profit]
- 2023: MVR 171.9 million [loss]
- 2024: MVR 137.9 million [profit]
According to the statistics, STELCO recorded its highest profit in the last seven years in 2024, which Fahmy said was owed to significant improvements in the company’s overall management decisions and subsequent wastage reduction.