State Trading Organization (STO) reports earning a total of MVR 4.1 billion quarterly revenue in the third quarter of 2023.
Though this is a notable improvement from the second quarter; at a quarterly revenue of MVR 3.8 billion, the review quarter’s revenue was still below first quarter’s earnings at MVR 4.4 billion.
Moreover, STO has observed a decline in its operating profit quarter-to-quarter. In the first quarter, STO’s operating profit stood at MVR 503 million which dropped to MVR 428 million in the second quarter. In Q3-2023, the company’s operating profit stood at MVR 390 million.
STO reported a net profit of MVR 271 million in the third quarter. The company’s net profit has observed a quarter-to-quarter decline as well; in Q1-2023, STO reported a net profit of MVR 368 million, and MVR 303 million in Q2-2023.
The state-owned enterprise currently employs a total of 2,281 professionals in its workforce. Out of the total workforce, 1,861 (81.6%) are locals, and 420 (18.4%) are expatriates. The company employs 834 (36.5%) females and 1,447 (63.5%) males.
Major Events During Q3-2023
- MOU signing to establish PET scan services at IGMH
- Contract signed with Hulhumale’ Hospital to develop the hospital’s ICU and NICU
- Opened the first Smart Store in the Maldives
- Partnership with Nihon Kohden
- MOU signing with UCC for the International Bunkering Project