State Trading Organisation (STO) has recorded a net profit of USD9.7 million in the first quarter of 2022.
As per the quarterly financial report of STO, the company generated an income of USD259 million during the first quarter, which represented a 23% increase compared to the previous quarter. The report revealed STO had generated a profit of USD11.5 million before tax, which was 15% higher than the profit generated in the previous quarter. After tax, the net profit of STO for the first quarter stands at USD9.7 million, 14% higher than the previous quarter.
STO attributed the increase in its revenue to the increased fuel sales, driven by the hike in global fuel prices. In this regard, STO revealed it had sold 14% more fuel during the last quarter, as compared to the previous quarter.
STO is undertaking several efforts to provide essential items to the public at cheap and consistent prices. In March, STO opened a new department store to upgrade the services provided by the STO People’s Choice Supermarket.