State Trading Organisation (STO) has revealed it has generated a revenue of USD 140 million for the first quarter of 2021.
The quarterly report shows this was an increase in revenue of 15% compared to the last quarter. STO attributed the rise in revenue to the 21% increase in oil sale. However, the report shows the net profit decreased by USD 42 million due to the increase in expenses for selling goods, although overall operating expenses have decreased by 10% compared to the last quarter, due to a decrease in bad debt provision and improvements in company efficiency.
The report shows the profit before tax in the first quarter of 2021 was USD 8.4 million, which is an increase of 12%, due to the decrease of operating expenses. The profit after tax was USD 7 million, which is an increase of USD 1.2 million compared to the last quarter.
STO stated it aims to keep the price of oil stable and continue providing citizens with essential services, especially during the month of Ramadan.