State Trading Organisation (STO) has declared a profit of MVR 235 million in the first quarter of 2024.
State Trading Organisation (STO) has declared a profit of MVR 235 million in the first quarter of 2024.
According to the report released by the state-owned enterprise (SOE) yesterday, it’s income was at MVR 4.5 billion, which is a 12 percent increase from last year during the same period.
With this, the net profit of STO rose by 46 percent. The company credits this success to the improvements being brought to its various businesses.
STO currently stands as one of the most successful SOEs of the government, netting MVR 819 million in profits in 2023 alone. This is MVR 91 million (ten percent) than 2022.
STO currently employs around 2,200 employees, and is one of the oldest serving SOEs in the country.
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