STO reports MVR 156m net profit in Q3 2024

The state-owned trading company, State Trading Organisation (STO), on Wednesday recorded a net profit of MVR 156 million in the third quarter of this year, reflecting a 5% increase compared to the MVR 148 million reported in the second quarter.

For the period from June to August, STO reported revenue of MVR 3.6 billion. After deducting operating expenses of MVR 2.9 billion, the company’s operating profit stood at MVR 250.7 million.

STO’s net profit for the third quarter amounted to MVR 156 million after tax, translating to earnings of MVR 138 per share, slightly higher than the previous quarter.

Oil sales contributed to 80% of the company’s revenue, while the remaining 20% came from its other business operations.

In addition to its profitability, STO’s reserves increased to MVR 4.6 billion by the end of the quarter, and the company’s total asset value rose to MVR 4.7 billion.