The group of companies under the government-owned State Trading Organisation (STO) earned a combined record profit of MVR 1.1 billion last year.
STO also earned a record profit last year. But an income of MVR 16.4 billion last year was 10 percent lower than the previous year.
“The main reason for this was STO also reducing the price of fuel as oil prices fell in the world market. However, as the price of fuel sold by this company in the past year increased compared to the previous year, and because the company’s other businesses progressed and improved, a total profit of MVR 3 billion was received,” STO said.
As net profit increased last year, STO earned an operating profit of MVR 1.3 billion, up MVR 300 million from 2022.
STO posted an after-tax profit of MVR 818 million for 2023. This was a record amount in the history of the company. This was a growth of 12 percent as net profit in 2022 was MVR 728 million.
As most companies in the STO Group also increased profits, the combined profit reached a record MVR 1.1. billion.
