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State Trading Organization (STO) has reported a net profit of MVR 819 million in last year
The company reported a revenue of MVR 4 billion in the last quarter of 2023, according to data released by STO yesterday. This is a decline of 2.7 percent over the third quarter of the previous year. In the third quarter, the company posted a revenue of MVR 4.1 billion.
According to STO, the decline in revenue is due to the decline in revenue from the oil business as the company’s reduction in fuel prices in the wake of global oil prices.
Net profit stood at MVR 196 million in the third quarter and MVR 183 million in the fourth quarter. This is a reduction of MVR 13 million.
STO’s figures showed a revenue of MVR 16.4 billion in 2023, while the figure stood at MVR 18.2 billion in 2022. This is a decline of MVR 1.8 billion compared to revenue in 2022.
Despite the decline in revenue, net profit increased by MVR 91 million in 2023 as compared to the same period in 2022. The company had posted a net profit of MVR 728 million in 2022 and MVR 819 million in 2023.
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