STO reports net profit improvement in Q1-2022


State Trading Organization (STO) reports a net profit of MVR150 million for the first quarter of 2022.

Moreover, the largest state-owned enterprise of the island nation reports that the net profit of the company increased by 13.5% for the review quarter when compared with the preceding Q4-2021 during which it stood at MVR131 million.

During the review quarter, STO earned a total revenue of MVR4.0 billion which is a 24.0% increment from the previous quarter of Q4-2021 during which the total earnings stayed at MVR3.3 billion.

For the first quarter of the current year, the company operated with an expenditure of MVR278 million, which had increased from MVR253 million in the previous quarter.