STELCO Managing Director Hussain Fahmy has stated that the company will post a profit of MVR 120 million this year.

In an interview with state media PSM on the occasion of the government's one-year anniversary, Fahmy said STELCO was running at a financial loss last year but the company will make a huge profit this year.

"We recorded a loss of MVR 20 million in 2023. However, hopefully, 2024 will end with a profit of MVR 120 million. Our hardwork is paying off. When we took over the management, there were so many complaints of the customers and emoployees," he stated.

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.