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STO posts net profit of almost half a billion

State Trading Organization (STO) headquarters.

State Trading Organization (STO) states it generated a net profit of MVR 487 million in 2021.

The 2021 annual report and audited financial reports released by STO on Sunday show the company earned a revenue of MVR 10.2 billion. The figure was a 41 percent increase compared to 2020.

The gross profit was MVR 1.5 billion – a 15 percent improvement, and a net profit of MVR 487 million – a 35 percent improvement compared to 2020.

STO said it was the highest ever profit recorded by the company.

Meanwhile the STO Group generated a revenue of MVR 11.2 billion. The figure was a 32 percent increase compared to 2020.

The gross profit was MVR 1.9 billion, while the net profit was MVR 186 million – an increase of 47 percent.

STO Group includes STO, Maldives Industrial Fisheries Company (MIFCO), Maldives State Shipping (MSS), and Fuel Supplies Maldives. STO attributed the main reason for increase in its revenue to the 63 percent increase in revenue from the fuel segment, after fuel prices increased and quantity of fuel sold rose by 23 percent after tourism industry bounced back.

STO also recorded increased revenue from fisheries, shipping and gas.

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