STO generates MVR 156 Mn net profit in Q3

The State Trading Organization (STO) – the largest state-owned enterprise in the country – has reported a quarterly net profit of MVR 156 million for the third quarter this year.

STO on Wednesday published its Quarterly Performance Report for the third quarter of 2024, which confirmed a total revenue of MVR 3.5 billion for the review quarter. This is a notable decline from the MVR 4.4 billion revenue in the first quarter.

Despite this, the quarterly earnings for the review quarter increased by MVR 108 million from the second quarter.

The corporation posted an operating profit of MVR 251 million, despite observing increment in operational expenditure. The expenditure include:

• Sales and marketing: MVR 8.2 billion increment
• Administration: MVR 20.9 million increase
• Financial costs: MVR 26.8 million increase
• Income Tax expenses: MVR 12.6 million increase

While, the share price per share had a face value of MVR 174 during the third quarter last year; the share price dropped to MVR 138 per share during the corresponding quarter this year.

According to the quarterly report for the review quarter, STO currently has a total of 2,308 employees on its payroll, which is an increase of 116 more employees. Moreover, STO reports 1,869 of the total workforce was comprised of local staff and only 439 are expatriate employees.