News revenue growth / STO Maldives Impact 6.0/10 2 min read

STO Q3 Earnings: Revenue Up 9%, Profit More Than Doubles for First Three Quarters

State Trading Organisation (STO) reported Q3 2023 revenue of MVR 4.1 billion, up 9% from Q2. Profit after tax in Q3 was MVR 271 million, down 10% from Q2. For the first three quarters, after-tax profit was MVR 942 million, an increase of MVR 469 million year-on-year. STO attributed the Q3 profit dip to global fuel price increases. STO is a majority state-owned enterprise with 82% government ownership. The company is led by CEO Abdullah Saeed.

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Maldives Republic

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Oct 29, 2023

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State Trading Organisation (STO) reported Q3 2023 revenue of MVR 4.1 billion, up 9% from Q2. Profit after tax in Q3 was MVR 271 million, down 10% from Q2. For the first three quarters, after-tax profit was MVR 942 million, an increase of MVR 469 million year-on-year. STO attributed the Q3 profit dip to global fuel price increases. STO is a majority state-owned enterprise with 82% government ownership. The company is led by CEO Abdullah Saeed.

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Maldives Republic

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