State Trading Organisation (STO) has decided to explore the opportunities for cooking salt production in the Maldives.
The financial report for the last quarter of 2022 includes important decisions taken by the Board of Directors of STO. As such, one of the most notable is the study on the production of cooking salt submitted to the board. Therefore, the board has decided to accept the study and look into the opportunities in this field.
In addition, the board approved the upgradation of jet fuel facilities at Kaadedhdhoo Airport in Gaafu Dhaalu Atoll and Kadhdhoo International Airport in Laamu Atoll. The board also approved the decision to acquire a harbour in Thilafushi, Kaafu Atoll.
STO is the largest multi-business company in the Maldives. The company also trades in fuel, pharmaceuticals, and construction materials as well as food and beverages. In addition, the company recorded an operating profit of 64.8 million last year. STO's operating profit increased to a record high last year and its net profit exceeded its 2021 figure.