Profits, income of STO increase in Q4 of 2018

Financial statistics released by State Trading Organization (STO) of its performance during the last quarter of 2018 show an increase in both income and profit generated by the company.

STO registered an income of MVR 2.6 billion in Q4 of 2018 – which has been attributed to greater profits in its fuel business. The quantity of fuel sold by STO showed an increase of 6 percent compared to Q3.

The company also generated MVR 49 million more in profits during Q4 compared to Q3.

The company registered a profit (before tax) of MVR 88 million, and a profit (after tax) of MVR 66 million – a 39 percent improvement compared to Q3.

The increase in profit after tax has also resulted in a 39 percent increase in dividends, reports STO.

STO says its biggest priority is to maintain the stability of price of fuel and reduce the impact of changes to fuel price to the Maldivian economy. It said it was also ready to reinvest profits generated from its other businesses to maintain the stability of fuel prices.