STO records 70% rise in revenue, MVR 110M profit in Q2

State Trading Organization (STO) headquarters. (Sun Photo)

State Trading Organization (STO) ended the second quarter of the year with a strong financial performance – marked by a significant increase in revenue and a net profit of MVR 110 million. 

STO released its Q2 financial report on Thursday afternoon. 

It shows the state-owned enterprise generated a revenue of MVR 2.2 billion in Q2 this year – a 70 percent increase compared to the MVR 1.2 billion it generated as total revenue in Q2 last year. 

The revenue in Q2 is also higher than the MVR 2.1 billion the company generated in Q1 this year. 

The biggest contribution to the revenue came from STO’s fuel trade. 

STO generated MVR 1.4 billion in fuel revenue, and MVR 770 million in non-fuel revenue. 

Total expenses in Q2 this year was MVR 255 million – an increase from the MVR 231 million in Q2 last year. 

The company ended the financial quarter with an MVR 110 million net profit – higher than the MVR 105 million it netted in Q2 last year.