STC Chairperson’s Remarks for STC AGM for the Financial Year 2024
The Annual General Meetings of Bois de Rose Investment Ltd (BDRIL) and the Seychelles Trading Company (STC) was held on Friday 24th March 2026 at the STC Conference Room, to present and receive their annual reports for the financial year ended 31 December 2024. The Chairperson, Mrs. Lekha Nair, welcomed shareholders, proxies, board members, auditors, and stakeholders, acknowledging their presence and continued support.
As the newly appointed Chairperson, Mrs. Nair also extended her gratitude to the former Board for their contributions and noted the transition in board membership during the finalisation of the 2024 accounts.
She reaffirmed STC’s core mandate of ensuring food security through accessibility, availability, and affordability, despite ongoing global challenges such as inflationary pressures, supply chain disruptions, declining tourism, and geopolitical uncertainties. She highlighted the Board’s renewed focus on strengthening governance, risk management, operational efficiency, and cost control, with the aim of returning the organisation to sustainable profitability.
In terms of financial performance, BDRIL recorded a turnover of SCR 11.7 million in 2024, significantly down from SCR 23 million in 2023, mainly due to the cessation of rental income from the STC hypermarket. This resulted in a net loss of SCR 7.3 million. STC, on the other hand, achieved a turnover of SCR 1 billion, with a net profit of SCR 19.5 million, lower than the SCR 60 million recorded in 2023 due to external margin pressures, particularly in international cooking oil prices.
Despite these challenges, STC maintained a strong asset base of SCR 619 million and retained earnings of SCR 343 million, reflecting its financial resilience. The Chairperson also confirmed that the external auditors issued an unqualified opinion, affirming that the financial statements present a true and fair view.
Looking ahead, Mrs. Nair noted that while the operating environment remains uncertain, the organisation remains hopeful for improved global stability. She concluded by expressing sincere appreciation to management, staff, and stakeholders, emphasizing confidence that, with collective effort and commitment, STC can overcome current challenges and return to stronger financial performance. (Click the link below to view the annual report)
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