State Trading Organisation (STO) has revealed that it generated a revenue of USD300 million in the third quarter of 2023, which is a 9.2% increase from the USD240 million generated in the second quarter.
According to the Quarterly Report released by STO, the net profit after tax for the third quarter was USD18 million, which is a 10% decrease compared to the USD19 million recorded in the second quarter. The decline in net profit was attributed to a reduction in operating profit during the third quarter, with operating revenue totaling USD26 million, down from the USD28 million reported in the second quarter. The decline in operating profit was primarily a result of increased acquisition costs and higher administrative expenses during the third quarter.
The report also showed that STO achieved a net profit before tax of USD21 million in the third quarter, down from the USD24 million reported 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.