Massive profits for STELCO last year

State Electric Company (STELCO) saw a 109 percent increase in its profits last year.

Speaking at the second annual general meeting of STELCO Managing Director Hassan Mughnee stated that compared to 2017, the company gained a 109 percent increase in its profits in 2018. Mughnee stated that profits stood at MVR 110.5 million compared with the MVR 52.5 million gained in 2017.

The company had spent around MVR 1.69 billion last year and spent around MVR 1.64 billion in 2017, according to Mughnee. 

"The reason for the increase in expenditure was because we carried out projects under government loans. We started two huge projects last year," said Mughnee.

One of these projects was the Greater Male' grid connection project which cost around MVR 79 million last year. The second project was Male'-Hulhumale electricity connection project which cost MVR 44 million. 

STELCO also published its annual report at the meeting today