State Electric Company Limited (STELCO) is on track to achieve a projected profit of USD 7.78 million by the end of 2024, according to Managing Director Ahmed Fahmy. In an exclusive interview with PSM News, Fahmy outlined the company’s positive trajectory following a year of significant challenges and strategic improvements.
Reflecting on the first year of the current administration, Fahmy acknowledged that one of the initial hurdles was fostering enthusiasm among STELCO’s workforce. He noted that despite the challenges, no employees were dismissed during the year, and the company has worked diligently to address staff concerns and create a more positive and productive work environment.
Although STELCO faced losses in 2023, Fahmy expressed confidence in the company’s recovery, citing improved operational strategies and effective management as key factors in returning to profitability. “We have made strategic operational changes, and we are on track to close this year with strong financial performance,” he said.
A major step towards enhancing services and customer satisfaction is the upcoming rollout of smart meters for all STELCO customers, with installation set to begin in Hulhumalé Phase II later this year. Fahmy believes that these new meters will address concerns over high electricity bills, increase efficiency, and provide customers with more accurate usage data. The full implementation of smart meters is expected by the end of 2024.
Fahmy also emphasized the company’s ongoing commitment to modernizing its services, with a focus on meeting the evolving needs of its customers. STELCO’s efforts to improve customer satisfaction and operational efficiency are central to the company’s goals for the coming years.
With these developments in place, STELCO is positioned to continue its growth, ensuring sustainable profitability and improved services for its customers in the Maldives.
