State Trading Organization (STO) has announced it generated its highest-ever annual revenue last year.
The unaudited financial statements released by STO shows the company generated MVR 18.2 billion in 2022. The figure is 79 percent higher than the MVR 10.2 billion it generated as revenue in 2021.
STO attributed the strong performance to improvements and higher revenues across all business sectors.
The company also recorded an increase in gross profit with MVR 2 billion. The figure is 41 percent higher than the MVR 1.5 billion it generated as gross profit in 2021.
The biggest contribution to the increase in gross profit was a significant increase in operating profit. STO recorded MVR 1 billion as operating profit in 2022 – the first time for the company’s operating profit to reach the MVR 1 billion mark. The figure is nearly double the MVR 643 million it recorded as gross profit in 2021.
2022 has been hailed by STO as “a record performance year.”