STO Records 15% Increase in Profit in Third Quarter 2024

According to the State Trading Organisation’s (STO) Quarterly Report 2024, the state-owned company made a gross profit of over MVR 592 million, a 15% increase compared to the last quarter. 

We’ve published our 2024 3rd Quarterly Report.

Full report at: https://t.co/tOcJ3MK0Mh pic.twitter.com/kf0BvYDJvd

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— STO (@stoplc) October 30, 2024

STO also made a total revenue of MVR 3.6 billion, reflecting a 3% increase compared to the previous quarter. STO attributes this increase to improved business.

Despite an uptick in expenses, partly due to increased provisions, the company achieved an operating profit of MVR 251 million, representing a 23% increase from the last quarter.

STO reported a net income before tax of MVR 198 million, showing a 12% increase linked to enhanced business conditions. After accounting for tax obligations, STO’s net profit for the quarter stood at MVR 156 million. 

In a press statement, STO extended its appreciation to business partners, acknowledging their continued support and collaboration in driving these results.