STO Earns More than Half A Billion MVR in Net Profit for the Year 2021

On January 27, State Trading Organization has published its fourth quarter report for the year 2021.  
 
Climbing a whopping 31% increase from its numbers in the same period of 2020, STO managed to report MVR 3.3 billion in total revenue from October – December 2021. This progress shows improvement in the businesses of the company from one quarter to the next.  
 
To sum up, STO reports a total revenue of MVR 10 billion in 2021. This is almost double the numbers of 2020, majorly contributed to by the rise in fuel prices in the global market playing in advantage for the company’s fuel sales.  
 
Total profits for the year 2021 stand at MVR 1.5 billion. Operating expenses were maintained at the same level as previous year, hence, operating profits total at MVR 628 million. Meanwhile, finance cost was reduced by MVR20 million during 2021. 
 
Net profit for the quarter 4 of 2021 is MVR 131 million. Before taxes, total net profit stands at MVR 571 million, a record-setting number for STO in the company’s history. Even after taxes, the net profit is promising, reported at MVR 478 million.