The State Electric Company Limited (STELCO) has reported a profit of MVR 137.9 million for the fiscal year 2024, marking a significant recovery from the MVR 171.9 million loss posted in 2023. 

STELCO’s financial performance showed steady profits in the previous years, with MVR 130 million in 2020. However, the company faced a decline in profits in 2021 and 2022, posting MVR 104.7 million and MVR 106.8 million, respectively. The loss in 2023 was a major setback, but the company’s strategic improvements have led to a strong recovery in 2024.

Managing Director Hussain Fahmy credited the profit increase to better resource management, waste reduction, and improved governance practices.

STELCO, which operates 35 power plants and provides electricity across the Maldives, has continued to play a crucial role in the nation’s energy sector.