STO to publish annual report on May 15

State Trading Organization (STO) has announced it has extended the deadline for the release of its annual report to May 15.

Capital Market Development Authority (CMDA)’s regulations dictate that public companies need to release the annual report by April 30.

STO said it decided to extend the deadline because audits on some of its subsidiaries remain unfinished.

STO said it had received necessary permission from CMDA and Maldives Stock Exchange.

The quarterly financial reports released by STO last year show it generated a revenue of MVR 10 billion – a 41 percent increase compared to 2020.

STO had generated a profit after tax of MVR 478 million last year, coming up from MVR 359 million in 2020.

The company attributed the rise in revenue last year to the increase in sale of fuel, as well as the increase in fuel prices.

STO, one of Maldives’ largest state-owned enterprises, employs 2,057 people. 1,687 of the employees are locals.