The State Trading Organization (STO) has acquired a net profit of MVR 819 million in 2023.
The company's net profit was MVR 91 million higher than the previous year according to data released by STO, amounting to a 10 percent increase.
Despite the company's rise in profits, the company's total revenue slipped last year. The company had a revenue of MVR 16 billion last year. This is MVR 2 billion less than what it was in 2022.
Even with the decrease in revenue, the company experienced a significant boost in profits due to a substantial reduction in expenses. The cost of sales for the company decreased by MVR 3 billion compared to 2022.
Oil revenues accounted for 82 per cent of the company's revenue.
The company earned an average revenue of MVR 4 billion per quarter last year. Revenue slumped the most in the second quarter. During this time, the revenue was MVR 3.7 billion. The second quarter profit stood at MVR 171 million.
STO has earned billions in the last few years, but it usually earns less than MVR 500 million in profits. This is the first time in the company's history that it has made such a huge profit.
STO employs around 2,200 employees and is the oldest state-owned company.
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