State Trading Organisation (STO) has posted a net profit of USD 13.6 million in 2017.
STO revealed in its annual general meeting that it engaged in business activities worth over USD 484 million, which is an increase of USD 71 million compared to 2016. The increase in the amount of business activities and the profit generated was contributed by the increase of oil price in the global market, Managing Director of STO Ahmed Shaheer noted addressing the shareholders.
Furthermore, STO made several investments in 2017 by tapping in to new markets during the process. Most of the new investments were made in the areas of transportation, storage and construction, according to the financial review published by STO.
A new three year cost reduction plan is expected to be implemented by STO during the financial year 2018, which is expected to reduce the operational cost by about 4% adjusted for inflation by the end of the Financial Year 2021.