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.