STO reports MVR1.91bn gross profit for 2021

State Trading Organization (STO) has reported an annual gross profit of MVR1,917 million (MVR1.91 billion) for the fiscal year of 2021.

According to the state-owned enterprise, the company made an operating profit of MVR451 million and retained a net profit of MVR186 million for the previous fiscal year.

Furthermore, STO in its annual report for 2021 confirmed of earning a gross revenue total of MVR11,236 million (MVR11.2 billion) which had increased by 32% for the review year in comparison with the fiscal performance of 2020.

Additionally, the company’s net profit rose by 47% in 2021 compared to the year before.

STO made its strongest revenue from the sale of fuel and lubricants from which it had generated a net revenue of MVR6,394 million (MVR6.39 billion) in 2021, whereas in 2020 the company had made only MVR3,923 million (MVR3.9 billion) from the segment.

The company’s second strongest stream of income in 2021 was from general trading from which it had earned a net revenue of MVR3,067 million (MVR3.06 billion). However, net revenue from trading was higher in 2020, with a total of MVR3,091 million (MVR3.09 billion).

In addition to this, the company earned a total of MVR1,244 million (MVR1.2 billion) from fisheries segment, its third strongest component, in 2021 whereas the net earnings from 2020 was observed at MVR1,062 billion (MVR1.06 billion) from the segment.