The State Electric Company (STELCO) has reported its highest annual profit in seven years, recording USD 8.94 million in earnings for 2024. The announcement was made by Managing Director Hussain Fahmy in a detailed social media post reflecting on the company’s financial performance over the past seven years.
According to the figures shared by Fahmy, STELCO has shown a fluctuating financial trajectory since 2018. The company posted a profit of USD 6.8 million that year, followed by a peak of USD 8.42 million in 2020 — an increase of nearly 24 percent. However, the momentum was short-lived as profits dipped to USD 6.79 million in 2021, a 19.5 percent drop from the previous year.
STELCO managed a modest recovery in 2022 with earnings of USD 6.92 million, only to face its most challenging year in 2023. That year, the company recorded a loss of USD 11.14 million — the steepest financial decline in the review period.
The turnaround in 2024 marks a significant 180.2 percent improvement over the previous year’s loss. Fahmy credited the rebound to a series of strategic decisions aimed at tightening operational efficiency, optimizing resources, and curbing avoidable expenses. He noted that these reforms have not only restored profitability but also strengthened the company’s long-term resilience.
STELCO operates 35 power plants across the Maldives, serving as the country’s primary electricity provider. While its core operations are centered in the capital city Malé, the company also supplies power to several islands in the Alifu Alifu, Kaafu, and Dhaalu Atolls.
Fahmy’s post emphasized the importance of good governance and fiscal discipline in driving the company’s performance, underscoring STELCO’s continued commitment to delivering reliable energy to homes and businesses across the country.
