State Trading Organization (STO) has reported an annual gross profit of MVR1,917 million (MVR1.9 billion) for the fiscal year of 2021.
Moreover, the largest state-owned enterprise has reported its operating profit for previous year stood at MVR451 million, while the company made net profit of MVR186 million.
STO had generated a total gross revenue of MVR11,236 million (MVR11.2 billion) in 2021, which observed a growth of 32% while the company’s net profit had increased by 47% on annual terms last year.
The enterprise reported a net revenue of MVR3,067 million (MVR3.07 billion) in 2021 from its trading segment, whereas in 2020 STO made MVR3,091 million from the segment.
Meanwhile, the corporation generated a net revenue of MVR6,394 million (MVR6.39 billion) in 2021 from the company’s strongest revenue stream; fuel and lubricant segment, whereas in 2020 STO had only generated MVR3,923 million (MVR3.9 billion) from the segment.
Moreover, the SOE generated a net revenue total of MVR1,244 million (MVR1.2 billion) in 2021 from fisheries activities, whereas in 2020 the corporation generated MVR1,062 (MVR1.06 billion) from the segment.