State Electric Company (STELCO) has achieved its highest annual earnings in the last seven years, reporting a record profit of USD 8.94 million for 2024. Managing Director Hussain Fahmy announced the achievement in a detailed post shared on social media.
The post presented a review of STELCO's financial performance over seven years, charting its growth, challenges, and eventual recovery. In 2018, the company recorded a profit of USD 6.8 million. By 2020, this figure had risen to USD 8.42 million, reflecting an increase of 23.8 percent. However, the upward trend was disrupted in 2021, with earnings declining to USD 6.79 million—a drop of 19.5 percent compared to the previous year.
STELCO began its recovery in 2022 with profits edging up to USD 6.92 million. Despite this progress, the company faced its most significant setback in 2023, reporting a loss of USD 11.14 million—the steepest decline during the period under review. The following year saw a remarkable resurgence, as the company posted a profit of USD 8.94 million, an extraordinary improvement of 180.2 per cent compared to 2023.
Fahmy attributed the turnaround to decisive measures aimed at refining management practices, enhancing resource efficiency, and reducing unnecessary expenditure. These efforts, he explained, had strengthened operational resilience and fuelled the company's return to profitability.
STELCO, the country's principal electricity provider, operates 35 power plants across the country, ensuring a steady and reliable electricity supply to households and businesses alike. While its operations are primarily focused in Malé, the company also services islands in Alifu Alifu, Dhaalu, and Kaafu Atolls.