Although the company's revenues decreased last year, the profits increased by MVR 90 million (USD 5.8 million).
State Trading Organization (STO)'s annual report indicates that the sector which showed the largest progress within the last year is Maldives State Shipping (MSS).
The annual report shows that MSS increased revenue by 22 percent in the last year. The company received MVR 376 million (USD 24.4 million) in revenue last year. The previous years figures were at MVR 308 million (USD 20 million).
The second STO subsidiary that progressed the most is Allied Insurance. This company's revenue saw a 19 percent increase. Last year, Allied Insurance received MVR 519 million (USD 33.6 million). The year before, their revenue was at MVR 436 million (USD 28.3 million).
Last year, the company received a total revenue of MVR 17 billion (USD 1.1 billion). This is MVR 2 billion less than received in 2022. The decrease is revenue is a result of lower earning from fuel supplies, which is generally the highest earning sector for STO. Last year, the company received MVR 13 billion (USD 843 million) in fuel supplies, which is 3.4 percent lower than the previous year.
In addition to this, revenues from Trading and Construction, as well as People's Choice also saw a decrease.
Although the company's revenues decreased last year, the profits increased by MVR 90 million (USD 5.8 million), with a total of MVR 818 million (USD 53.8 million). The company saw increased profits despite lower revenues because the company's expenses had been decreased.
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