Good example in Public Sector!

Dr Jameel new head of profitmaking state supplier STC

• State supplier STC’s YoY profits jump by 62%!
• ‘Good example in Public Sector’-Rishad

Sri Lanka’s state supply giant once named as the best state institute by Committee on Public Enterprises (COPE), has a new Chairman who was a two-time Provincial Councillor! “The vision of HE the President Maithripala Sirisena and Hon Prime Minister Ranil Wickremesinghe is to not to burden the Lankan consumers and STC is one way of achieving this by the government” announced Industry and Commerce Minister Rishad Bathiudeen on 11 November in Colombo.

Minister Bathiudeen was addressing the staff of STC General Trading Company Ltd under him on 11 November, having appointed Dr. A. M. Jameel as its new Chairman.

A two-time MP of Eastern Provincial Council, Dr Jameel is a B.Com grad (Hons – specialised in Marketing Management) from the South Eastern University and proceeded for his MBA from University of Leadership and Management, Lahore, Pakistan. Thereafter he obtained his PhD from Santa Monica College of University of California. He also counts 12 years management experience.

“STC is a competitive, profit making public firm that can show the way for other loss making public institutions and has a dedicated staff. It was named as the best institute recently by the Committee on Public Enterprises (COPE)” said Minister Bathiudeen, and added: “The vision of HE the President Maithripala Sirisena and Hon Prime Minister Ranil Wickremesinghe is to not to burden the Lankan consumers and STC is one way of achieving this by the government as it strives to give the best price. Therefore it is important that it is led by experienced personnel.”

A public limited liabilities company, STC General Trading Company Ltd under the Ministry of Industry and Commerce is one of the biggest suppliers to the government despite having only 8 showrooms across the country. A profit making public firm, STC’s main revenues come from its chemicals, duty free operations and office equipment. STC also sells various products and services from household equipment to industrial machinery such as Yokohoma tyres, stationeries, electric & electronics, Information technology, Industrial Chemicals, Agricultural Tools and Equipment, Batteries, Plastic Products, Household Durables and Consumables, Office Furniture, and Fast Moving Consumer Goods (FMCGS).

STC’s profits jumped by a whopping 62% to Rs 157 Mn in 2013/14 financial year from previous FY’s profits of Rs 97 Mn.