STO reports MVR2.76B gross profit in 2022

The largest state-owned enterprise (SOE) in the Maldives, the State Trading Organization (STO) announced an annual gross profit of MVR2.76 billion in 2022.

According to STO in their 2022 Annual Report, the corporation observed a 43.8% annual increment in their gross profit. STO earned a gross profit total of MVR1.92 billion in 2021.

Financial Breakdown

  • Gross Profit: MVR2,757,801,340 | MVR1,917,445,347 (2021) | 43.8%
  • Operating Profit: MVR1,437,950,479 | MVR450,877,256 (2021) | 218.9%
  • Profit Before Tax: MVR1,199,058,366 | MVR288,085,429 (2021) | 316.2%
  • Profit After Tax: MVR1,056,861,820 | MVR185,663,749 | 469.2%

Business Performance

  • Fuel and Lubricant: MVR13.4 billion | MVR7 billion sales growth
  • Trading: MVR3.04 billion | -1% decline
  • Fisheries: MVR1.59 billion | 28% sales growth
  • Shipping: MVR308 million | MVR163 million sales growth
  • Gas: MVR223 million | 9% sales growth
  • Insurance: MVR188 million | 13% sales growth

STO reported that its net profit (Profit After Tax) grew by MVR871 million in 2022.

During the fiscal year of 2022, a total of 105 employees obtained maternity leaves and another 64 employees received paternity leaves. STO also reported a 99% compliance to CC code, and a 100% compliance to CDOI and MQRR.

Additionally, the corporation reported that 65% of their managerial and supervisory level employees were females with another 55% in operational level.

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