STO's 2024 first quarter net profit up 6.8%

State Trading Organization (STO) reports earning a net profit of MVR 195.0 million for the first quarter of 2024.

According to STO in its lastest Quarterly Report, the company's net profit for the review quarter is a 6.8% increase from MVR 182.6 million in the last quarter of 2023. 

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

The largest state-owned enterprise (SOE) in the country, reported a Gross Profit of MVR 617.1 million for the first quarter this year, which is a 21.9% drop from MVR 791 million in Q1-2023.

Similarly, STO reported a 30.5% decline in its Profit Before Tax for the review quarter, which dropped from MVR 337.7 million in Q1-2023 to MVR 234.8 million in Q1-2024.

However, both Gross Profit and Profit Before Tax in the first quarter this saw saw visible increment compared to the last quarter in 2023.

Gross Profit in 2024 saw an 18.1% increment compared to the final quarter of 2023, during which it stood at MVR 522.3 million. Additionally, Profit Before Tax saw a 46.0% jump in the first quarter this year from MVR 160.8 million in Q4-2023.

The company's net profit decline in the review quarter compared to the corresponding quarter in 2023, is mainly owed to the increment in expenditure. As such, STO reports MVR 3.88 billion in Cost of Sales for Q1-2024, a 6.2% increase from MVR 3.65 billion in Q1-2023.

According to STO, 83% of its revenue share for the quarter originates from fuel revenue and the remaining 13% from non-fuel revenue.