State Trading Organisation (STO) has revealed that it generated a revenue of USD285.3 million in the first quarter of 2023.
As per the quarterly financial report of STO, the revenue generated by the company during the first quarter was 10% higher compared to the previous quarter. STO attributed the increase in revenue due to the overall growth in its businesses. However, revenue decreased by 3% compared to the fourth quarter of last year due to fuel prices and changes in the company's core business.
The report revealed STO had generated a profit of USD52.4 million, which was 19% higher than the profit generated in the previous quarter. Operating profit stood at USD32.6 million and the net profit for the quarter was USD23.8 million after tax, which was a 37% increase compared to the previous quarter. STO stated that the improvement in revenue and profit was mainly due to the overall improvements in its businesses and the reduction in expenditure in purchasing items compared to the previous quarter.
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.