Wednesday
24th Apr 2024
Dhivehi Edition
State Electric Company (STELCO) has received MVR 61.8 million in profit in the first quarter of 2021.
The Privatization and Corporatization Board (PCB) has revealed that the company received MVR 487 million in revenue, out of which MVR 61.8 million is gross profit.
MVR 464 million of STELCO’s MVR 487 million revenue is from providing electrical services. STELCO powers the Greater Male’ Area and some islands. STELCO also earns revenue by providing water supply, bottled water, and other methods.
The company’s revenue of MVR 61.8 million in 2021’s first quarter is an increase compared to the first and last quarters of 2020.
While STELCO’s profits have increased, many have observed the extraordinary hike in utility bills.