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STO records net profit of MVR 383 million in 2019

Ahmed Aiham
17 August 2020, MVT 12:59
People queue up in front of STO Supermart, after HPA announced the first COVID-19 case detected in capital Male' City on April 15, 2020. PHOTO: AHMED AWSHAN ILYAS / MIHAARU
Ahmed Aiham
17 August 2020, MVT 12:59

State Trading Organization (STO) Group on Sunday, revealed that its net profit for 2019, inclusive of its subsidiary companies, stood at MVR 383 million, while recording a revenue of MVR 10.9 billion.

According to STO's Annual Report, the company recorded a profit of MVR 303 million compared to the MVR 14 million in 2018, and is the primary revenue powerhouse for the STO group.

STO noted that the "fuel segment remains the key contributor for financial performance followed by insurance and gas segments, adding that a marginal increase in operational expenses enabled the group to achieve a higher profit. .

The group also stated that government subsidies to the fisheries segment had reduced the adverse impact on profits.

Furthermore, STO recorded a marginal increase in operating profits compared to the year 2018, with figures standing at MVR 842 million as opposed to the MVR 247 million it received in 2018.

Managing Director of State Trading Organisation (STO) Hussain Amru's statement. PHOTO: TWITTER

STO currently operates a number of subsidiary companies including Allied Insurance, Fuel Supply Maldives, Maldives Gas and Maldives Industrial Fisheries Company (MIFCO). The group also established a national shipping line in 2019.

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