{"id":5970,"date":"2023-04-30T15:10:26","date_gmt":"2023-04-30T10:10:26","guid":{"rendered":"https:\/\/mbt.mv\/?p=5970"},"modified":"2023-04-30T15:10:26","modified_gmt":"2023-04-30T10:10:26","slug":"sto-generates-q1-2023-revenue-of-mvr4-4bn","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=5970","title":{"rendered":"STO generates Q1-2023 revenue of MVR4.4bn"},"content":{"rendered":"<p>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.<\/p>\n<p>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.<\/p>\n<p>However, due to the slip in global oil prices, STO&#8217;s major business activity; fuel sales saw a quarterly drop because of which the Q1-2023 revenue dropped 3% compared to Q4-2022.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":4,"featured_media":5971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423],"tags":[1744,1982,1990,1998],"class_list":{"0":"post-5970","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-quarterly-profit","9":"tag-state-trading-organization","10":"tag-sto","11":"tag-sto-quarterly-profit"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>STO generates Q1-2023 revenue of MVR4.4bn - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=5970\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STO generates Q1-2023 revenue of MVR4.4bn - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"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\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mbt.mv\/?p=5970\" \/>\n<meta property=\"og:site_name\" content=\"Maldives Business Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/mvbiztimes\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-30T10:10:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mbt.mv\/wp-content\/uploads\/2023\/04\/STO-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mohamed Reehaan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:site\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohamed Reehaan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mbt.mv\/?p=5970#article\",\"isPartOf\":{\"@id\":\"https:\/\/mbt.mv\/?p=5970\"},\"author\":{\"name\":\"Mohamed Reehaan\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2\"},\"headline\":\"STO generates Q1-2023 revenue of MVR4.4bn\",\"datePublished\":\"2023-04-30T10:10:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mbt.mv\/?p=5970\"},\"wordCount\":146,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mbt.mv\/#organization\"},\"image\":{\"@id\":\"https:\/\/mbt.mv\/?p=5970#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mbt.mv\/wp-content\/uploads\/2023\/04\/STO-1.jpg\",\"keywords\":[\"Quarterly Profit\",\"State Trading Organization\",\"STO\",\"STO Quarterly Profit\"],\"articleSection\":[\"BUSINESS\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mbt.mv\/?p=5970#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mbt.mv\/?p=5970\",\"url\":\"https:\/\/mbt.mv\/?p=5970\",\"name\":\"STO generates Q1-2023 revenue of MVR4.4bn - 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