State Electric Company Limited (STELCO) has stated it received a net profit of over USD 7.1 million in 2018.
Speaking during the annual general meeting, Managing Director Hassan Mughnee said the net profit of STELCO increased to 4 percent, when compared with 2017. He also noted that compared to 2017, STELCO has seen a 20 percent increase in profits in 2018, though there was 3 percent increase in expenditure.
In 2014, STELCO incurred a loss as the spending increased more than the revenue. However, measures were taken to reduce spending and as a consequence STELCO attained profits in 2017 and 2018.
STELCO has launched two of its mega projects last year. In this regard, the Fifth Power Project costs USD 79 million and the project for power connection between Male’ and Hulhumale’ costs USD 44 million.