A Summary of STO's Q1 Report for 2022

State Trading Organization of the Maldives has published their quarterly report for the first quarter of the year 2022, and they have shown that they started the year off strong, with an increase in profits from the same period last year. The total revenue amounts to MVR 4.04 bln which is an increase of 23% compared to the previous quarter.

The Net Profit Before Tax had amounted to MVR177 million during 1st quarter of 2022, which is an increase of 15% compared to the previous quarter, and the Net Profit After Tax is MVR150 million. This is a 14% increase compared to the 4th quarter of 2021.

One of the factors which contributed to the increase in total revenue was the increase in fuel quantity sales by 14% and the improvement of business in other sectors.

Although the cost of importing fuel increased with the rise in fuel prices in the international market, STO ensured fuel prices were not revised with every change in the global oil market, thereby maintaining price stability in the country.

The full details of the report can be found here.