State Electric Company Limited (STELCO) has received a profit of USD 3.37 million in 2017 which is an increase of 187% compared to 2016.
During the Annual General Meeting, STELCO published its annual report. The report was launched by Minister of Environment and Energy Thoriq Ibrahim.
The gearing ratio of STELCO increased from 67% to 73% in 2017, according to the annual report 2017 of STELCO. Moreover, STELCO recorded a revenue of over USD 110 million by the end of 2017, which is an increase of over USD 16.2 million which represents a 17% growth compared to the previous year.
Addressing the ceremony, Chairman of STELCO Ahmed Aiman highlighted the financial situation of the country enhanced last year. He also noted the role of STELCO in the development of Maldives, adding major efforts were exerted to ensure round-the-clock electricity is provided for all inhabited islands.
STELCO aims to efficiently provide electricity to all islands of Maldives.