The audit report of the State Trading Organisation (STO) has shown it has received an income of USD727 million in 2021 which is an increase of 32% compared to the previous year.
The notable growth in revenue was achieved mainly from fuel, as revenue for fuel increased by 63% compared to the previous year, as per the audit report. Apart from the increase in fuel prices caused due to increase in the purchase price, significant growth was achieved from the increase in the quantity sold as tourism started bouncing back, showed the report.
STO earned USD97 million as revenue last year which is an increase of 12% compared to 2020. STO generated a gross profit of USD124 million compared to USD115 million in 2020. The company's net profit after tax is USD31 million, which is an increase of 35% compared to the previous year.