STO reports MVR 195 million net profit in Q1-2024

STO Managing Director Shimad Ibrahim; the largest SOE reports a Net Profit of MVR 195 million for the first quarter of 2024 | Photo: STO

State Trading Organization (STO) has reported a net profit of MVR 195 million for the first quarter of 2024.

According to the largest state owned enterprise (SOEs) in its quarterly financial report, STO’s net profit for the review quarter is a 6.8% increment from MVR 183 million in Q4-2023.

However, the net profit earned in Q1-2024 is a 27.9% decrease from the MVR 270 million generated in the corresponding quarter last year.

Although the company’s net profit for the review quarter declined, its total revenue saw a 1.2% increment in Q1-2024, registering a total MVR 4.49 billion compared to MVR 4.44 billion in the same quarter last year.

Moreover, the revenue quarter in the first quarter of 2024 is also an 11.8% increment from the gross revenue of MVR 4.02 billion earned in the last quarter of 2023.

According to STO, the primary reason for its net profit decline in Q1-2024 compared to Q1-2023 is mainly due to the increase in expenditure. As such, STO reported MVR 3.88 billion in Cost of Sales for the review quarter, a 6.2% increment from MVR 3.65 billion registered in the corresponding quarter last year.

STO further reported that its share of revenue comprises 83% of fuel revenue and 17% of non-fuel revenue for the quarter as well.

For the review quarter, STO also reported a Gross Profit of MVR 617 million, and a Profit Before Tax of MVR 235 million; which indicate a 21.9% decline and a 30.5% decline from the respective profit categories compared to Q1-2023.

As such, STO reported a Gross Profit of MVR 791 million and a Profit Before Tax of MVR 338 million in the first quarter last year.

Q1-2024 Financial Highlights

  • Total Revenue – MVR 4.49 billion
  • Total Expenses – MVR 340 million
  • Operating Profit – MVR 308 million
  • Net Profit – MVR 195 million


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