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.
in an exemplary manner under hugely challenging circumstances. I would like to highlight that while the company of course prioritises generating profit, STO has steadfastly remained focused on serving the country as best as possible in every situation,
2/4— Amr 🎈 (@HusenAmr) October 29, 2020
Hats off to every single member of our team, all of whom who have contributed greatly in this challenging yet rewarding endeavor in these recent months. May Allah bless the company with even greater success and prosperity in the years to come.
4/4— Amr 🎈 (@HusenAmr) October 29, 2020
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.
