STO posts MVR 819 million net profit for last year
STO says it is working to further strengthen the company by giving priority to its core businesses.
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By
Aishath Fareeha Abdulla
State Trading Organization (STO)'s posted a net profit of MVR 819 million last year.
The largest state-owned company posted a profit of MVR 183 million in the last quarter of last year.
STO on Tuesday released its fourth quarter 2023 financial statements. According to the figures, STO posted a total revenue of MVR 4 billion in the last quarter of last year.
STO’s fourth quarter revenue was down 3% from the previous quarter. STO posted revenue of MVR 4.1 billion in the third quarter of the year.
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Last year's total revenue was MVR 16.4 billion
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This is a 10% decrease compared to 2022
The main reason for the decline in revenue was the reduction in the price of fuel sold by the company due to the change in the price of fuel in the global markets.
STO says it is working to further strengthen the company by giving priority to its core businesses.
STO has provided rebates on the price of fuel sold in order to keep the price of fuel constant with the changes in the fuel market and to promote the business of its subsidiary Fuel Supply Maldives (FSM).
The accounts for the first three quarters of this year have been restated to adjust for fuel rebate and asset impairment expenses.
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The company posted an operating profit of MVR 1.3 billion last year
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This is a 23% increase over the previous year
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Net profit before tax for the year was MVR 995 million
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This is a 15% increase over the previous year
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Net profit after tax stood at MVR 819 million
