STO’s Revenues Grow By 22% In The Second Quarter Reaching 4.9 Billion

On Saturday, State Trading Organisation (STO) published its second quarter report for 2022 revealing that the total revenues for this quarter has increased by 22% which is equivalent to MVR 4.9 billion. The main cause for this increment was the increase in total income from oil sales of STO compared to quarter one.

The report also depicted that the gross profit incurred by the state-owned organization was MVR 4.6 billion, which is a 2% fall (MVR 11 million) when compared to the first quarter. The reason for this decline is due to the fact that oil prices of STO did not commensurate with the oil prices in the world market.

This quarter also saw an estimated 6% growth in the profit before tax omissions with the value reaching MVR188 million. The profit after tax omissions was MVR 155 million which is a 4% enhancement when compared to last year’s statistics.

A similar rise is seen in operating profit which rose by an approximate 4% when compared to first quarter. STO stated in their press release that the increase was due to improvements in other incomes of STO and as a result of lower operating costs.

The statistical report showed that the earning per share was MVR138 in the second quarter. When dividends from subsidiaries was accounted for, the net financial cost was cut down by roughly 10% when compared to the same duration in the first quarter.