STO’s generated biggest profit in their history in 2021

State Trading Organization generated MVR 10 billion as revenue last year, which is their biggest profit in their history.

According to STO, that is an increase of 41% compared to 2020. And revenue increased from a quarter to quarter last year. STO’s fourth quarter report showed that the company earned MVR 7 billion as revenue from oil by the end of the year. MVR 3 billion was received from other businesses.

Moreover, STO stated that the revenue increased due to the increase in the price of oil in the international market and the increase in the amount of oil sold by STO by 26 percent compared to the previous year.

STO made a net profit of MVR 571 million for the whole year before tax. This is an increase of 32% compared to the previous year. Last year’s net profit after tax was MVR 478 million. This is an increase of 33% compared to the previous year.

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Ibrahim Yaafiu

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