State Trading Organization (STO) has generated a revenue of MVR4.4 billion in the first quarter of 2023, which is a 10% increment compared to the same period last year.
According to the largest state-owned enterprise in the Maldives, its revenues saw this increase mainly due to the increment in its other business areas.
However, due to the slip in global oil prices, STO’s major business activity; fuel sales saw a quarterly drop because of which the Q1-2023 revenue dropped 3% compared to Q4-2022.
STO reported a gross profit of MVR809 million in the quarter, which is a 19% increment from the preceding quarter. The operating profit of STO for the review quarter was MVR503 million.
The profit before tax for STO for the review quarter was MVR436 million, and profit after tax was MVR368 million, which is a 37% increment.