STO Reports Q2 Revenue of MVR 3.5 Billion

State Trading Organisation (STO) reported total revenue of MVR 3.5 billion for the second quarter of 2024, representing a 23 percent decrease compared to the previous quarter. 

The results were published on the company’s website on 30 July 2024.

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The decline in revenue is primarily attributed to fluctuations in global oil prices, which significantly impact the company’s core business. Despite this, STO recorded an operating profit of MVR 203 million for the second quarter.

Total profit for the quarter fell by 16 percent to MVR 515 million compared to the previous quarter. Net income before tax was MVR 177 million, with the company posting a net profit of MVR 148 million after tax, marking a 24 percent increase from the previous quarter.

STO extends its gratitude to all its business partners for their ongoing support and cooperation.