State Trading Organisation (STO) has revealed the company generated a net profit of USD 8.35 million during the third quarter of 2021.
As per the financial report of STO, the company received a gross income of USD 161.8 million during the third quarter, with a net profit of USD 8.35 million. In comparison, the company had generated a total income of USD 97 million and a net profit of USD 6.5 million during the third quarter of 2020. Meanwhile, during the second quarter of 2021, the company generated a total income of USD 142.4 million and a net profit of USD 7.12 million.
STO attributed the increased income and profit of the third quarter to the increase in fuel sales. As such, the financial report revealed STO had generated an income of USD 110 million from fuel sales during the third quarter. This is an 18.8% increase compared to the income generated from fuel sales in the previous quarter.
STO revealed other businesses operated by the company had also posted higher numbers during the third quarter. As such, other businesses operated by the company had posted a combined income of USD 49.9 million during this quarter.
As per the financial report, the total expenditure of STO during the third quarter was at USD 16.24 million. This is a slight increase compared to the USD 15.86 million spent during the previous quarter.