STO makes net profit of MVR 131 million in Q4 2021

After making major business investments in the last quarter of last year, State Trading Organization (STO) has made a net profit of MVR 131 million during the quarter.

The Quarterly Report publicized by STO today shows that the company made a total of MVR 3.3 billion in the Q4 of last year. This is a 31 percent increase compared to the same period last year.

The total revenue for 2021 amounts to MVR 10 billion – an increase of 41 percent compared to 2020.

Net profit for the year 2021 amounts to MVR 478 million. In 2020, the net profit amounted to USD 359 million.

STO attributed the increase in profit last year to the increase in prices of fuel sold by the company – as well as an increase in the quantity of fuel sold.

In Q4 of last year, STO had purchased a container boat of 608-TEU. They also brought Maldives Shipping Service under the company’s umbrella. STO is also set to purchase a bulk carrier boat.

STO which is amongst the largest government companies currently employs a total of 2,057 staff.  Out of this, 1,687 are local staff.