STO records MVR 717 net profit in 2024

State Trading Organisation (STO)'s total revenue fell six percent last year compared to the previous year.

The company recorded a total revenue of MVR 15 billion last year. The total net profit after tax was MVR 717 million, which is 12 percent lower than the previous year.

STO said the decline in total revenue and profit last year was due to the company's reductions in oil prices thrice last year due to changes in global oil prices.

The company's total profit last year was 2.4 billion. This is also a 12 percent decrease compared to the previous year.

With a decline in its total profit, the company's operating profit also declined to MVR 1.1 billion.

During the last quarter of 2024, STO posted a total revenue of MVR 3.8 billion. It said that the revenue for the final quarter was up 7 percent from the previous quarter because the company's business improved and revenue increased.

The company posted a total profit of MVR 637 million in the fourth quarter. This was an 8 percent increase from the previous quarter.