{"id":7152,"date":"2023-11-02T08:28:04","date_gmt":"2023-11-02T03:28:04","guid":{"rendered":"https:\/\/mbt.mv\/?p=7152"},"modified":"2023-11-02T08:28:04","modified_gmt":"2023-11-02T03:28:04","slug":"sto-earns-mvr-4-1-bln-revenue-in-q3-2023","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=7152","title":{"rendered":"STO earns MVR 4.1 Bln revenue in Q3-2023"},"content":{"rendered":"<p>State Trading Organization (STO) reports earning a total of MVR 4.1 billion quarterly revenue in the third quarter of 2023.<\/p>\n<p>Though this is a notable improvement from the second quarter; at a quarterly revenue of MVR 3.8 billion, the review quarter&#8217;s revenue was still below first quarter&#8217;s earnings at MVR 4.4 billion.<\/p>\n<p>Moreover, STO has observed a decline in its operating profit quarter-to-quarter. In the first quarter, STO&#8217;s operating profit stood at MVR 503 million which dropped to MVR 428 million in the second quarter. In Q3-2023, the company&#8217;s operating profit stood at MVR 390 million.<\/p>\n<p>STO reported a net profit of MVR 271 million in the third quarter. The company&#8217;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.<\/p>\n<p>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.<\/p>\n<h2>Major Events During Q3-2023<\/h2>\n<ul>\n<li>MOU signing to establish PET scan services at IGMH<\/li>\n<li>Contract signed with Hulhumale&#8217; Hospital to develop the hospital&#8217;s ICU and NICU<\/li>\n<li>Opened the first Smart Store in the Maldives<\/li>\n<li>Partnership with Nihon Kohden<\/li>\n<li>MOU signing with UCC for the International Bunkering Project<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s revenue was still below first quarter&#8217;s earnings at MVR 4.4 billion. Moreover, STO has<\/p>\n","protected":false},"author":4,"featured_media":7153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423],"tags":[1982,1990,1998],"class_list":{"0":"post-7152","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-state-trading-organization","9":"tag-sto","10":"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 earns MVR 4.1 Bln revenue in Q3-2023 - 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=7152\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STO earns MVR 4.1 Bln revenue in Q3-2023 - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"State Trading Organization (STO) reports earning a total of MVR 4.1 billion quarterly revenue in the third quarter of 2023. 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