The State Electric Company (STELCO) is projected to end 2024 with a profit of MVR 120 million, according to its Managing Director, Hussain Fahmy. In an exclusive interview with the state media, commemorating the government’s first year in office, Fahmy discussed the company’s achievements and challenges over the past year.
Reflecting on his leadership, Fahmy highlighted that addressing employee dissatisfaction was one of the initial hurdles he faced upon taking the helm at STELCO. Despite these challenges, he proudly confirmed that not a single employee has been dismissed over the past year.
“Last year, in 2023, STELCO recorded a loss of MVR 20 million. However, we are confident that 2024 will close with a profit of MVR 120 million,” Fahmy announced. “Our performance has significantly improved, despite the many obstacles we encountered when we took over.”
Fahmy also revealed plans to expand the company’s smart meter services, aiming to provide all customers with smart meters by the end of next year. Installations for Phase 2 of Hulhumalé are scheduled to begin before the close of this year. According to Fahmy, this project will address long-standing customer concerns over high electricity bills, providing more accurate and efficient billing systems.
The focus on modernising STELCO’s infrastructure and improving customer services has been key to the company’s turnaround. Fahmy emphasised that these efforts are part of STELCO’s broader strategy to ensure sustainable growth in the coming years.
