State Trading Organisation (STO) has revealed the company generated a net profit of USD 19.7 million in 2019.
The annual report of STO revealed the net profit of the company increased significantly in 2019 compared to the previous year. In this regard, the state-owned company generated a net profit of USD 19.7 million in 2019, compared to just USD 0.9 million in 2018. The report further stated an operating profit of USD 44.3 million was generated last year, which was an 80% increase compared to the previous year.
The annual report further revealed the profits of the STO Group, which includes all subsidiary companies of STO, also increased significantly last year. In this regard, the STO Group generated a total net profit of USD 24.9 million in 2019, compared to just USD 1.95 million the previous year. The STO Group generated a total income of USD 707.9 million last year, which was over USD 6.5 million higher than the income generated in 2018.
Managing Director of STO Hussain Amr stated the profits generated by STO last year were the highest the company had recorded in 4 years. He said the company was able to generate such a profit margin due to important measures implemented to reduce expenses and strengthen the efficiency of operations. He thanked the staff of STO and its subsidiary companies for the joint efforts in ensuring a successful year for the company.