Business profit / STELCO Maldives Impact 6.0/10 1 min read

STELCO projects USD 7.78 million profit by year-end

Managing Director of STELCO Ahmed Fahmy expressed optimism that the company will achieve a profit of USD 7.78 million by year-end. In an interview with PSM News, he noted challenges including lack of employee enthusiasm, but no employees were dismissed. Despite a loss in 2023, strategic improvements are expected to return to profitability. Plans to introduce smart meters for all customers by end of 2024, starting in Hulhumalé Phase II. Smart meters aim to alleviate concerns about high electricity bills and improve efficiency.

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Maldives News Network

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Nov 17, 2024

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Managing Director of STELCO Ahmed Fahmy expressed optimism that the company will achieve a profit of USD 7.78 million by year-end. In an interview with PSM News, he noted challenges including lack of employee enthusiasm, but no employees were dismissed. Despite a loss in 2023, strategic improvements are expected to return to profitability. Plans to introduce smart meters for all customers by end of 2024, starting in Hulhumalé Phase II. Smart meters aim to alleviate concerns about high electricity bills and improve efficiency.

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Maldives News Network

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