The State Electric Company (STELCO) has decided to pay bonuses to their employees for the very first time.
During a special ceremony held on Monday morning to greet the staffs with the new year, STELCO’s Managing Director Hassan Mugnee commented on the company’s financial performance in 2019.
The STELCO frontman noted the financially successful year that was 2019 adding, the state-based company will be paying staff bonuses after paying the dividend to Maldives government.
“Over the past six years or so, this company has not paid any dividends to the state. However, under the new management we will not proceed as such. Our first priority will be to pay government with the dividend that is due,” Mugnee said.
During the Annual General Meeting 2018 of the company held in September last year, the company revealed their profit margin increased by 20% reaching MVR110 million.
The state-based electric company has carried out two mega-utilization projects recently which included the fifth power project at a cost of USD79 million and the electric grid project linking Male’ City with adjoining satellite town of Hulhumale’ – a project that cost USD44 million.
Under the fifth power project a total 50-Megawatt capacity of electricity grids have been installed in Hulhumale’.