State Trading Organization (STO) has reported a gross revenue of MVR 4.49 billion for the first quarter of 2024.
In their latest Quarterly Report, STO said the company’s gross revenue for the review quarter increased 1.2% from MVR 4.44 billion registered in the corresponding quarter of 2023. Moreover, the quarterly revenue earned by STO in Q1-2024 is an 11.8% increase from MVR 4.02 billion earned in Q4-2023 as well.
The largest state-owned enterprise reported a Net Profit of MVR 195 million for Q1-2024, which is a 6.8% increment from MVR 183 million in Q4-2023, but a 27.9% decline from MVR270 million in Q1-2023.
STO said, the primary reason for this Net Profit decline compared to the same quarter last year, is due to the increment in expenditure. The company reported an MVR 3.88 billion in Cost of Sales for Q1-2024, a 6.2% increment from MVR 3.65 billion registered in Q1-2023.
According to the company, 83% of its revenue share comprises of fuel revenue and the remaining 17% of non-fuel revenue in the review quarter.
STO reported a Gross Profit of MVR 617 million, and a Profit Before Tax of MVR 235 million in Q1-2024. Gross Profit for the review quarter declined 21.9% from MVR 791 million, while Profit Before Tax declined 30.5% from MVR 338 million in Q1-2023.
Quarterly Financial Performance
- Total Revenue – MVR 4.49 billion
- Total Expenses – MVR 340 million
- Operating Profit – MVR 308 million
- Net Profit – MVR 195 million
- Net Assets per Share – MVR 4,001
- Cashflow per Share – MVR 223
- Debt Equity Ratio – 1.80
- Earnings per Share – MVR 173