State Electric Company Limited (STELCO) recorded a net profit of MVR 239 million in 2025.

The report by the Auditor General's Office shows the company's profit increased by about 30 percent from MVR 181 million in 2024.

The increase was attributed to higher revenue and lower debt-related expenses.

STELCO generated MVR 3.3 billion in revenue during the year, while total costs incurred to generate that revenue amounted to MVR 2.6 billion.

STELCO spent MVR 66 million on fuel in 2025, a 45 percent increase compared with the previous year.

Loan repayment expenses fell to MVR 140 million, down from MVR 150 million in 2024.

Operating and administrative expenses also declined by 15 percent, contributing to the improved financial performance. The company spent MVR 392 million on salaries and operating expenses during the year.

The audit report also showed a sharp rise in retirement benefit costs. STELCO spent MVR 20 million on retirement benefits in 2025, up from MVR 5 million the previous year.

STELCO supplies electricity to the Greater Male' region and several atolls in the region.