State Trading Organisation (STO) has revealed it has generated a net profit of USD 7 million for the second quarter of 2021.
The quarterly report shows the amount is an increase of USD 324,000 compared to the USD 6.9 million in net profit generated in the second quarter of 2020. The report also shows STO received USD 144 million in total revenue in the second quarter, which is an increase compared to the USD 84 million in total revenue in the second quarter of 2020.
Additionally, STO generated a revenue of USD 140 million for the first quarter of 2021, with a net profit of USD 7.1 million. The latest quarterly report shows STO received most of its revenue in the second quarter from fuel, which amounted to USD 94 million. The amount is a 78% increase compared to the USD 41 million of revenue STO received from fuel in the second quarter of 2020.
Furthermore, STO recorded USD 17 million in total expenses in the second quarter of 2021, which is an increase compared to the USD 15 million in total expenses recorded in the first quarter of 2021.