State Trading Organisation (STO) recorded a net profit of MVR 410 million in 2020, marking a 35 per cent growth compared to the same period last year.
According to STO’s quarterly report publicised on Saturday, the company generated total revenue of MVR 7.2 billion last year.
The organisation’s net profit for the final quarter of 2020 also showed growth, recording MVR 91 million which is a 10 per cent spike from the same period in 2019.
STO generated MVR 1.87 billion as revenue and MVR 278 million as gross profit during the last quarter of 2020, which is 15 per cent higher than the previous year’s.
Meanwhile, the company’s total expenses last quarter stood at MVR 258 million.
STO recorded the highest quarterly profit during the first three months of 2020 at MVR 114 million, prior to the lockdowns and travel restrictions imposed due to the local COVID-19 outbreak in the Maldives.
The state-run company rakes in the highest earnings generally from oil trade. However, the previous year saw an increase in revenue generated from the import of medical supplies due to high demand sparked by the ongoing pandemic.
STO operates a number of subsidiary companies including Allied Insurance, Fuel Supply Maldives, Maldives Gas and Maldives Industrial Fisheries Company (MIFCO). The group also established a national shipping line in 2019.
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Source URL: Google News
