STO generates MVR18.2bn revenue in 2022

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STO celebrated its 58th anniversary in 2022

State Trading Organization (STO) generated annual revenue of MVR18.2 billion in 2022. The company generated just MVR10.2 billion in annual revenue in 2021.

STO’s quarterly performance report for Q4-2022 indicates the company generated an annual net profit of MVR742 million last year; compared to just MVR486 million in 2021.

The largest state-owned enterprise (SOE) earned MVR4.59 billion of revenue in Q4-2022; compared to MVR3.29 billion in the same quarter in 2021. Moreover, STO generated a quarterly revenue of MVR4.63 billion in Q3-2022.

Meanwhile, STO generated MVR1 billion in operating profit for 2022, while its operating profit for Q4-2022 stood at MVR368 million. In 2021, the company generated just MVR0.6 billion in annual operating profit, while its Q4-2021 operating profit was just MVR177 million.

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