STO Sees the Economic Impacts of COVID-19 In Their Revenue Report for the 3rd Quarter of the Year

State Trading Organization PLC (STO) is a public company having numerous subsidiaries, join ventures and associates engaging in businesses in the area of; petroleum, cooking gas, construction materials (including cement and roofing material), medical supplies and pharmaceuticals, home appliances, electronics, supermarket products and insurance. The company published their Revenue Report for the 3^rd Quarter of this year just yesterday, so let’s have a quick look at it together!

The report shows that STO earned an operating profit amounting to MVR 121 million whereas after all payable tax it stood at MVR 100 million. It is a decrease in comparison to the 2^nd quarter securing a total of MVR 105 million. The operating profit of the 2^nd quarter was much higher at MVR 156 million as well. Earnings per share stood at MVR 89 per share. It indicates that the expenditure incurred by STO for this period was MVR 235 million in total. It is likely that the decrease in profit is attributed to the impacts of COVID-19 in the country.

During the 3^rd quarter, the organization employed a total of 2057 people of which 1666 were local while the 391 were expatriates. They have carried out both corporate events and corporate social responsibilities this quarter as well. A total of 6 board meetings were held. Audit & Risk Committee met for one meeting whilst Corporate Governance & Compliance Committee held 3 meetings. Nomination & Remuneration Committee held no meetings. The most profitable business area for STO in the third quarter was its fuel trade services.