State Trading Organization (STO) has generated a revenue of MVR4.4 billion in the first quarter of 2023.
According to STO, this is a 10% increase compared to the same period in 2022.
STO stated that their revenues for the review period increased mainly due to the increase in their other business areas, while their major business activity; fuel, saw a decline. This is also why the company’s revenue for Q1-2023 saw a 3% drop compared to Q4-2022.
The company reported a gross profit of MVR809 million in the quarter, which is a 19% increment from the previous quarter. The company’s operating profit for Q1-2023 was MVR503 million.
STO reported a profit before tax of MVR436 million and a profit after tax of MVR368 million which is a 37% jump.