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STO generates MVR6.39 bil revenue from fuel trade

Mohamed Rehan
16 May 2022, MVT 18:00
FSM Easy Fill Petrol Shed
Mohamed Rehan
16 May 2022, MVT 18:00

State Trading Organization (STO) reported an annual revenue of MVR6.39 billion in 2021 from fuel trading.

According to the largest state-owned enterprise of Maldives, the corporation's fuel and lubricants segment observed a revenue growth of 63 percent compared to 2020.

In 2020, the company generated an annual revenue of MVR3.92 billion from the sale of fuel and lubricants, which was reflective of the Covid-19 pandemic's impact on global economy and fuel supply.

STO generated a total of MVR3.06 billion from general trading, which is the corporation's second strongest revenue segment.

From its fisheries segment, STO generated an annual revenue of MVR1.24 billion while the total revenue generated from sale of gas was recorded at MVR205 million.

STO Group earned a total of MVR11.23 billion in total revenue, while the company observed an overall 32 percent growth in its revenues.

Moreover, the company posted an annual profit of MVR186 million, which grew by 47 percent in annual terms while the annual retained profit in 2020 was recorded at MVR127 million.

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