STO Earns MVR 211 Million as Profit in 2017

State Trading Organization (STO) has earned MVR 211 million in profits last year.

According to statistics revealed by STO, they earned a total of MVR 7.5 billion last year – an increase of MVR 1.1 billion compared to 2016; an increase of 18 percent.

STO stated that although their income increased compared to last year, their profits decreased by MVR 37 million, which is 3.8 percent. While profit from fuel sales decreased by MVR 76 million, profit from other sales saw an increase of MVR 39 million.

After tax, STO received a net profit of MVR 211 million last year, which is a 26 percent increase compared to last year.

The company’s board of directors have decided to pay MVR 55 per share as dividend based on the profits.

STO stated that the main reason for the increase in their income is the increase in the oil prices globally, resulting in increased prices for oil sales by the company as well as an increase in other sales.