State Trading Organization (STO) reports a profit after tax of MVR131 million for the final quarter of 2021.
Moreover, the profit after tax for the largest state owned enterprise is a 1.5% growth in the review quarter compared to the preceding third quarter of 2021 during which the net profit stood at MVR129 million.
In addition to this, the net profit accumulated to STO for the review quarter observed a growth of 36.0% when compared with the corresponding quarter in 2020 during which it stood at just MVR91 million.
During the review quarter STO generated a total revenue of MVR3,295 million (MVR3.3 billion) which is a 26.66% growth compared to third quarter of 2021 during which the total revenue stood at MVR2,520 million (MVR2.5 billion).
Meanwhile, revenue earned to STO for the review quarter observed a growth of 55.0% when compared with the corresponding quarter of 2020 during which the total revenue capped at MVR1,873 million (MVR1.9 billion).
The state owned enterprise’s operating profit for the final quarter of 2021 stood at MVR177 million while during the third quarter of the previous year it reached MVR148 million. The operating profit of STO during the fourth quarter of 2020 reached MVR151 million.
During the quarter, STO held several activities which included an inter-house handball tournament for the staff as well as a health and fitness program dubbed “Biggest Loser” in association with TFG.
Other notable events held organized or endorsed by STO included the Fuvahmulah Mas Reys, Havaru Office Futsal Tournament and the Inter-house Clubhouse Tournament, Club Maldives Cup 2021 as well as dive and cake baking courses for the staff.
Moreover, during the review quarter STO hosted several corporate events which included the inauguration of the Agricenter in A.A. Thoddoo, distribution of ambulances to several local islands, maiden call of MV. MSS Galena at Maldives Ports Limited – MSS is a subsidiary of STO – and the launching ceremony of the STO Calendar 2022.