The State Trading Organization (STO) has reported an annual gross profit of MVR2.76 billion, which is a 43.8% increase from the annual gross profit of MVR1.92 billion in 2021.
Financial Performance: 2022 | 2021
- Gross Profit: MVR2,757,801,340 | MVR1,917,445,347 | 43.8%
- Operating Profit: MVR1,437,950,479 | MVR450,877,256 | 218.9%
- Profit Before Tax: MVR1,199,058,366 | MVR288,085,429 | 316.2%
- Profit After Tax: MVR1,056,861,820 | MVR185,663,749 | 469.2%
Performances of STO’s Major Business Areas
- Fuel and Lubricant: MVR13.4 billion (observed an MVR7 billion sales growth)
- Trading: MVR3.04 billion (-1% decline)
- Fisheries: MVR1.59 billion (28% sales growth)
- Shipping: MVR308 million (MVR163 million sales growth)
- Gas: MVR223 million (9% sales growth)
- Insurance: MVR188 million (13% sales growth)
According to STO, its net profit (Profit After Tax) grew by MVR871 million in 2022 when compared with 2021.
STO reported an annual revenue total of MVR18.8 billion last year, which is an MVR7.6 billion increment from the annual revenue total of MVR11.2 billion in 2021.
Share of Revenue by Segment
- Fuel: 71%
- Trading: 16%
- Fisheries: 8%
- Shipping: 2%
- Gas: 1%
- Insurance: 1%
- Others: 0.1%
STO further reported an operating cash flow of MVR168 million in 2022. The organization had also proposed a dividend of MVR77.00 per share.