The State Trading Organization (STO) made a profit of MVR 303 million in the second quarter of 2023, the company has revealed.
According to a report released yesterday, the company earned a total revenue of MVR 3.8 billion in the last quarter, which was down 14 percent from the first quarter.
Revenue declined mainly due to changes made to the price of oil sold by STO to reflect global oil prices.
Income from the sale of oil was down 15 percent compared to the previous quarter.
The profit after tax of MVR 303 million was also 18 percent lower than the previous quarter.
Despite the drop in profits during the second quarter, STO's total after tax profit this year of MVR 671 million by June was MVR 366 million higher than the same period last year.
During the last quarter, STO held its annual general meeting, elected directors to the board and approved a dividend payout of MVR 77 per share.
STO also signed a settlement agreement to swap a hotel for two plots of land in Hulhumale'. Construction of the hotel stalled after the project was launched 14 years ago.
Despite the decline in profits, STO has been trying to develop its businesses. In a historic first last week, STO opened the first smart shop in the Maldives.
The shop, located in front of the Hulhumale' hospital, has proven popular among the public.
