STO posts net profit of MVR 168 million for Q3

STO holds its 2021 AGM in CROSSROADS Maldives on May 30, 2022. (Sun Photo/Mohamed Naail Hussain)

State Trading Organization (STO) has posted a net profit of MVR 168 million for the third quarter of this year.

The Q3 2022 financial report released by STO on Sunday shows the company generated a revenue of MVR 4.6 billion, and a gross profit of MVR 515 million.

STO attributed the strong performance in Q3 to improvements across all business sectors and success in reducing procurement costs.

The organization generated MVR 255 million as operating profit in Q3. The figure is 18 percent higher than the MVR 217 million generated as operating profit in Q2. STO attributed this to an increase in gross profit and a comparative reduction in expenses.

STO said that while the cost of purchasing foreign currency rose with the rise in global fuel prices, the net profit rose with the increase in gross profit and reduction in expenses.

STO is among state-owned enterprises with the highest dividend payout. The organization paid MVR 65 as divided last year.