State Trading Organization (STO) has announced a profit of USD 291 million for the first quarter of this year, marking a notable 12% increase compared to the previous quarter.
Moreover, financial statistics have been made available on STO's official website. While STO successfully secured USD 291 million during the first quarter, the surge in oil prices and the success of other STO-led projects contributed significantly to this increase in income.
Following the rise in profit, STO saw a notable increase of 18% to USD 39.92 million compared to previous quarters, while operational expenses significantly rose by 19% to USD 19.93 million. Concurrently, after tax deductions, STO attained a net profit of USD 15.20 million, marking a substantial 46% increase compared to the same period in 2023.
Furthermore, STO underscored the positive results to be as a result of overall effectiveness of STO led initiatives and reduced operational expenses. Additionally, it reported a net profit of USD 12.62 million for the quarter.
STO notably operates across various sectors, including oil trading, pharmaceuticals, construction, and food and beverages, making it a diversified multi-business company.