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STO Reports MVR 269M net profit for Q4-2022

Mohamed Rehan
01 February 2023, MVT 18:48
During the STO 'Heyvalla Thayyaaru' promotion launched ahead of the FIFA World Cup 2022--
Mohamed Rehan
01 February 2023, MVT 18:48

State Trading Organization (STO) has reported a net profit of MVR 269 million for the last quarter of 2022.

The company generated a revenue of MVR 4.59 billion during the review quarter. In the preceding quarter, STO’s revenue had reached MVR 4.6 billion whereas, in the corresponding quarter of 2021, its revenue stood at MVR 3.3 billion.

The company’s net profit saw a noticeable increment during the review quarter from MVR 168 million earned in Q3-2022. STO recorded a net profit of MVR 131 million during Q4-2021.

Additionally, the company’s operating profit rose to MVR 368 million in Q4-2022 from MVR 255 million in Q3-2022. In the corresponding quarter of 2021, the company’s operating profit stood at MVR 177 million.

During the quarter, STO held multiple marketing and promotional events which includes the Makita Night held to promote the Makita brand of power tools; Ankara Night, held to raise awareness among consumers about the Ankara brand of products; launched the "Heyvallaa Thayyaaru" promotion specifically targeted for football lovers held ahead of the FIFA World Cup 2022.

Other promotions of STO during the quarter included the ‘Heyya Makita’ promotion held in the STO Makita Showroom offering discounts of up to 30 percent, and the Year End Sale 2022 carried out in STO People’s Choice and regional outlets.

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