STO reports 23 percent increase with MVR 4 billion revenue

Malé, Maldives – State Trading Organization on Saturday published its 1st Quarter Report of 2022, reporting a total revenue of MVR 4.04 billion which is an increase of 23% compared to previous quarter.

One of the factors which contributed to the increase in total revenue was the increase in fuel quantity sales by 14% and the improvement of business in other sectors.

Source: STO Quarterly Report Q1/2022

Net Profit Before Tax amounted to MVR177 million during 1st quarter of 2022, which is an increase of 15% compared to the previous quarter. Net Profit After Tax is MVR150 million. This is a 14% increase compared to 4th quarter of 2021.

Although cost of importing fuel increased with the rise in fuel prices in the internationald  market, STO ensured fuel prices were not revised with every change in the global oil market, thereby maintaining price stability in the country.