STO bags MVR 100 million in profits during 3rd quarter

MD of STO Hussain Amru | Photo: Sun

Male’, Maldives – State Trading Organization (STO) has announced that the company has made a profit of MVR 100 million over the third quarter of 2020.

As per the quarterly report published by the company, the company earned a total of MVR 1.5 billion, which is a MVR 0.7 billion decrease, in comparison to the year before which was MVR 2.2 billion during the second quarter.

However, this income is an increase from that of the second quarter in which STO earned MVR 1.2 billion.

The main source of income for the company was the sale of fuel, which accounts for MVR 818 million, while other sales account for MVR 727 million.

Looking at the expenses of the third quarter, STO’s expenditure was at MVR 235 million.

Managing Director of STO Hussain Amr took to Twitter to announce the figures, thanking the “dedicated and hardworking” team behind STO.

STO was established on 9th June 1979, when the then fully state funded business, Athireemaafannu Trading Agency (ATA) established in 1964 was changed to STO.