State Trading Organization (STO) reported 2023 revenue of MVR 16.4 billion, down from MVR 18.2 billion the prior year, with the decline attributed to selling fuel at lower prices amid volatile global oil prices. The company posted higher profits, including an operating profit of MVR 1.3 billion and a net profit of MVR 819 million for the year.
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STO posted a revenue of MVR 16.4 billion in 2023, according to the report;
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MVR 1.8 billion less than the MVR 18.2 billion in the year before.
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MVR 1.8 billion less than the MVR 18.2 billion in the year before.
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However, the company posted a total profit of MVR 2.7 billion as the volume of fuel sales increased and other businesses improved.
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However, STO posted an operating profit of MVR 1.3 billion for the year.
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Net profit before tax for the year stood at MVR 995 million.
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After tax, the company posted a net profit of MVR 819 million for the year.
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the company’s operating profit rose by MVR 241 million, while net profit increased by MVR 91 million.
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the company’s operating profit rose by MVR 241 million, while net profit increased by MVR 91 million.
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