Having posted strong profits for 2016, Sri Lanka’s official supply giant to the state, STC has entered the District of Ampara to serve the demanding consumers of East.
“With the opening of STC showroom in Sainthamaruthu today, we are bringing STC’s expanding portfolio to Eastern consumers for the first time” said Minister of Industry and Commerce Rishad Bathiudeen on the evening of October 22 in Ampara District’s Sainthamaruthu.
STC, functioning under Minister Bathiudeen, already has regional showrooms in Anuradhapura, Jaffna, Matara, Narahenpita, Mt. Lavinia, Kandy, and Kurunegala. Joining the 22 October event with Minister Bathiudeen was Minister of Provincial Councils and Local Government Faiszer Musthapha. STC’s present product portfolio exceeds 5000 items.
“Compared to many other state owned market chains, State Trading Corporation (STC) has a highly diversified product range” said Minister Bathiudeen, and added: “For example, it distributes some FMCG items and home appliances while equally selling non-FMCGs such as machinery for agriculture and construction sectors and chemicals for domestic industry sector. STC also sells specialised products such as lubricants, and interior design products.
Despite stiff competition from private sector giants in the market, STC has increased its revenues five times over the last five years. As a result of STC’s ability to supply a diverse range of products at competitive rates, this year (2016) too STC continued with its increasing turnover trend reporting more than 20% increase. The STC Equity also jumped from Rs 100 million to 700 million over the last few years.
Source From Business AM
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