State Trading Organization (STO) has reported a profit after tax of MVR 368 million for the first quarter of 2023.

According to the quarterly report released by STO, the company's profit after tax increased by 60 percent in comparison to the corresponding quarter in 2022, which amounted to MVR 150 million. The company's profit after tax for the first quarter of this year showed a growth of 37 percent in comparison to the previous quarter of last year, which was MVR 269 million.

STO attributed its improved financial performance for the reviewed quarter to increased activity in other business areas and cost-cutting measures. According to the company, it spent MVR 237 million on expenditures during the quarter, which included MVR 222 million on operational costs.

According to the STO's quarterly report, the company's Q1-2023 revenue was MVR 4.4 billion, which was a 400 million increase compared to the same quarter in 2022. However, there was a 100 million decline compared to the last quarter last year, mainly due to a decline in the company's main business activity of fuel supply.

State Trading Organization (STO) reported an annual revenue of MVR 18.2 billion in 2022, with a profit after tax of MVR 742 million, marking an 80 percent increase from the annual profit after tax reported in 2021.