State Trading Organisation (STO) has revealed that it generated a revenue of USD246 million in the second quarter of 2023.
As per the Quarterly Report published by STO, the revenue decreased this year compared to the USD285 million received in the first quarter. The statistics also showed that the revenue from the fuel industry declined by 15% due to the change in global fuel prices.
The report revealed that STO received a net profit after tax of USD43.5 million as of June this year despite a decrease in profit in the second quarter compared to the previous quarter. It is an increase of USD23.7 million compared to the first six months of last year.
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.