STO generates MVR 4 billion in revenue in the first quarter

Stated Trading Organization (STO) generates an income of MVR 4 billion in the first quarter of this year.

According to the quarterly report released by the company, the company’s revenue increased by 23% compared to the last years fourth quarter. This is expected to be a change due to the increase in the price of oil sold by STO as price of oil in the international market has risen.

Moreover, STO stated that in addition to the increase in the amount of oil sold, other businesses operating by the company have also grown. The revenue generated from these businesses also increased in the last quarter.

With the increase in revenue, the total profit increased by MVR 71.6 million compared to the last quarter. MVR 397 million was generated as profit in the last quarter of 2021, while the profit soared to MVR 469 million in the first quarter of 2022. STO made a net profit of MVR 150 million in the first quarter of this year. This is an increase of 14 percent.

In addition, according to the quarterly report, STO’s operating expenses increased by 10% in the first quarter of 2022 compared to the last quarter of 2021.

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Ibrahim Yaafiu

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