STO Revenue Hits MVR 4.49 Billion in Q1
The State Trading Organization (STO) reported Q1 2024 revenue of MVR 4.49 billion, operating profit of MVR 308 million, and net profit of MVR 195 million. Board approvals included acquisition of 12% shares in Maldives Industrial Development Free Zone PLC, signing a term sheet with Vitol Asia to establish an International Bunkering Hub in Ihavandhippolhu Atoll, and relocation of the fuel terminal from K. Funadhoo to Maagiri Lagoon. The Maldives government holds 82% of STO shares.
The State Trading Organization (STO) reported Q1 2024 revenue of MVR 4.49 billion, operating profit of MVR 308 million, and net profit of MVR 195 million. Board approvals included acquisition of 12% shares in Maldives Industrial Development Free Zone PLC, signing a term sheet with Vitol Asia to establish an International Bunkering Hub in Ihavandhippolhu Atoll, and relocation of the fuel terminal from K. Funadhoo to Maagiri Lagoon. The Maldives government holds 82% of STO shares.
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The State Trading Organization (STO) reported Q1 2024 revenue of MVR 4.49 billion, operating profit of MVR 308 million, and net profit of MVR 195 million. Board approvals included acquisition of 12% shares in Maldives Industrial Development Free Zone PLC, signing a term sheet with Vitol Asia to establish an International Bunkering Hub in Ihavandhippolhu Atoll, and relocation of the fuel terminal from K. Funadhoo to Maagiri Lagoon. The Maldives government holds 82% of STO shares.
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