The State Electric Company (STELCO) announced they had a successful business year in 2018 with improvements to its operations.
During the annual general meeting of STELCO on Sunday, the company board’s chairman Mohamed Rasheed noted their success is mainly attributed to the improvements made to operations coupled with the strong financial performance.
“Our financial strength improved significantly during last year, and STELCO played an instrumental role in the country’s overall progress as well. With accordance to the state’s policies our company had initiated the service of manufacturing and delivering clean drinkable water for the public as part of our expansion in services,” Rasheed explained.
In addition to this, Mr Rasheed also highlighted on the company’s projects towards integrating renewable energy as a means of harnessing necessary power for electricity, which also falls into the policies of current head of state Ibrahim Mohamed Solih.
State Electric Company (STELCO) came to inception with 100 shares of the Maldivian government in 1997 as the initiative of providing electricity to the public including the atolls.