STO reports MVR 15 billion in revenue for 2024
The company's total revenue for the year declined by 6% compared to the previous year.
State Trading Organisation (STO) reported a total revenue of MVR 15 billion last year, according to its financial statements for the fourth quarter released Thursday.
The company's total revenue for the year declined by 6% compared to the previous year. STO attributed this decline to three reductions in oil prices due to fluctuations in global oil markets.
STO recorded a profit of MVR 2.4 billion last year. The financial report indicates:
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A 12% decrease in profit compared to the previous year.
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Net profit after tax stood at MVR 717 million.
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Operating expenses were reduced by 8% over the year.
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A decline in gross profit contributed to a decrease in operating profit.
According to the figures, STO's profit increased in the last quarter of the year compared to the previous quarter:
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Net profit for the fourth quarter (October to December) was MVR 218 million.
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Net profit in the previous quarter was MVR 155 million.
