STO announces nearly MVR 5B as total revenue for Q2

STO's Managing Director Hussain Amr Mohamed Rashad (c) at STO's 2021 AGM in CROSSROADS Maldives on May 30, 2022. (Sun Photo/Mohamed Hayyan)

State Trading Organization (STO) ended the second quarter of the year with a strong financial performance – recording nearly MVR 5 billion in total revenue.

The state-owned enterprise released its Q2 financial report in Saturday afternoon. The second quarter spans from April to June. 

The report shows that STO generated a total revenue of MVR 4.9 billion in the second quarter of the year – which is an increase by 22 percent compared to the first quarter. Following taxation – this amounts to a net profit of MVR 155 million.

In the first quarter of this year, STO earned a total revenue to MVR 4 billion. Following taxation – this amounted to a net profit of MVR 149 million.

During the second quarter – an earning per share of MVR 138 was issued. Meanwhile, the total value of the company stood at MVR 3.1 billion.

The government holds 82 percent of shares in STO – whilst the remaining 18 percent of shares are held by the public.