STO Reports Financial Performance For 4th Quarter Of 2020

State Trading Organization Plc (STO) having numerous subsidiaries, joint ventures and associates engages in businesses in the areas; petroleum, cooking gas, construction materials (including cement and roofing material), medical supplies and pharmaceuticals, home appliances, electronics, supermarket products and insurance. Yesterday, the company has publicized their Revenue Report for the 4^th Quarter of 2020, so let’s have a quick look to determine how they did.

According to the report, the company’s 4th quarter revenue for 2020 was MVR1.9 billion and gross profit was MVR378 million. This represents a 15% growth compared to the same quarter in 2019. Their net profit grew 10% over the same period, to MVR91 million. A total revenue of MVR7.2 billion in 2020 resulted in MVR410 million in net profit after tax for the year, a 35% growth compared to 2019.

During this quarter, the organization employed a total of 2031 people of which 1642 were locals whereas 380 were foreigners. Significant corporate events and activities under corporate social responsibility were also carried out in the quarter. A total of 7 board meetings were held.

The most profitable business area for STO in the 4^th quarter was also its fuel trade services. Accordingly, they generated a profit of MVR 972 million in this sector.

Read the full report here. 

(Photo: STO)