State Trading Organisation (STO) has revealed that it generated a revenue of USD299 million in the third quarter of 2022.
STO generated a gross profit of USD33 million during the third quarter, which was 13% higher compared to the USD30 million generated in the previous quarter, as per the Quarterly Financial Report. STO attributed the higher gross profit to the overall improvements in its businesses and the reduction in expenditure in purchasing items.
The report revealed that STO generated an operating profit of USD17 million in the third quarter, which is an 18% increase compared to the USD14 million generated in the second quarter. The increase was attributed to the improvement in revenue and the reduction in operating costs. The net profit also increased in the third quarter despite the rise in global fuel prices. The company recorded a net profit of USD11 million in the third quarter, which is an 8% increase compared to the USD10 million received in the second quarter.
STO is a state-owned company with significant and focused interests in petroleum, cooking gas, construction materials, medical supplies and pharmaceuticals, home appliances, electronics, supermarket products, and insurance. The company is geographically diverse with operations and developments throughout the Maldives and operations in Singapore.