STELCO projects USD 7.78 million profit by year-end

The Managing Director of State Electric Company Limited (STELCO) Ahmed Fahmy has expressed optimism that the company will achieve a profit of USD 7.78 million by the end of the year. In an exclusive interview with PSM News, Fahmy reflected on the significant initiatives undertaken by STELCO during the first year of the current administration. He acknowledged that one of the biggest challenges upon assuming his role was a lack of employee enthusiasm. However, he highlighted that no employees were dismissed over the past year, with the company focusing on addressing staff concerns and fostering a positive work environment. Despite operating at a loss in 2023, Fahmy expressed confidence in STELCO’s ability to return to profitability by the end of the year, attributing this to strategic operational improvements and effective management. Fahmy also announced plans to introduce smart meters for all STELCO customers by the end of 2024, with the installation process commencing in Hulhumalé Phase II this year. He expressed confidence that the new smart meters would help alleviate concerns about high electricity bills, enhance efficiency, and improve customer satisfaction. The Managing Director emphasised STELCO’s commitment to modernising its services and ensuring that customer needs are prioritised in all future developments.