State Trading Organisation (STO) has received a record-breaking USD1.2 billion in revenue in 2022.
The Fourth Quarter Report for 2022 shows that STO received USD298 million in revenue, USD24 million in operating profit and USD17 million in profit during the quarter. STO received USD1.2 billion in revenue in 2022, which is a 79% increase compared to the USD649 million received in 2021, and ended the year with a USD51 million in profit, which is a 52% increase from the previous year’s USD28 million.
In 2022, STO recorded an operating profit of USD65 million, which is a 66% increase compared to USD39 million. This was the first time the company achieved a USD65 million operating profit. Additionally, the company received a net profit of USD48 million in 2022, which is a 53% increase compared to the USD32 million received in 2021.
STO is a state-owned company with significant and focused interests in petroleum, cooking gas, construction materials, medical supplies and pharmaceuticals, home appliances, electronics, supermarket products, and insurance. The company is geographically diverse with operations and developments throughout the Maldives and operations in Singapore.