STO generates highest-ever gross profit at MVR 800 million

Business

In 2023, the State Trading Organization (STO) saw an impressive net profit of MVR 819 million, a significant increase of 10 percent compared to the previous year, according to recent data released by the company.

While the STO's profits may have soared, their overall revenue actually saw a decline. In fact, the company's total revenue for last year was MVR 16 billion, a decrease of MVR 2 billion from 2022.

Despite this decrease in revenue, the STO was able to achieve such impressive profits thanks to a substantial reduction in expenses. In fact, their cost of sales lowered by MVR 3 billion compared to the previous year. It's worth noting that a staggering 82 percent of the company's revenue was attributed to their oil sales.

Overall, STO has seen a remarkable uptick in their financial success, with an average revenue earning that demonstrates their continued growth and prosperity.