During the first annual general meeting of State Electric Company Maldives (STELCO), they announced that they had generated MVR 52 Million in revenue in 2017. This is a 187% increase compared to 2016.
STELCO’s annual report was also launched during the AGM by the Minister of Environment Thoriq Ibrahim.
Additionally, the projects undertaken and investments made by the company were also highlighted during the event.
Addressing the ceremony, STELCO’s Chairman Ahmed Aiman stated that the company’s operations has become more efficient since last year and also generated more revenue, which has increased their capital stability. Furthermore, he also declared that STELCO has played a vital role in huge development projects conducted in Maldives emphasizing on STELCO’s effort to ensure round the clock electricity to all residential islands.
Aiman stated that STELCO’s first generator in Male’ City was 14 Kilo Watt, however today, STELCO provides 70 Mega Watt of electricity.