State Trading Organization (STO) has revealed that the Group smashed its revenue and profit records last year, despite the challenges posed by the COVID-19 pandemic.
The 2021 Annual Report released by the state behemoth on Sunday show that the STO Group earned a record revenue of MVR 11.24 billion in 2021. The figure was a 32 percent increase compared to the previous year.
The gross profit was MVR 1.92 billion, which is a growth of 8 percent compared to the MVR 1.78 billion in 2020. STO’s operating profit in 2021 stood at MVR 451 million, a 12 percent increase compared to the figure of MVR 401 million in 2020.
STO said it was the highest ever profit recorded by the Group.
STO Group includes STO, Maldives Industrial Fisheries Company (MIFCO), Maldives State Shipping (MSS), and Fuel Supplies Maldives. STO attributed the main reason for increase in its revenue to the 63 percent increase in revenue from the fuel segment, after fuel prices increased and quantity of fuel sold rose by 23 percent after tourism industry bounced back.
STO also recorded increased revenue from fisheries, shipping and gas.
Shareholders’ equity increased by 4% to MVR 2.5 billion and the Group increased its financial investments to MVR 610 million (MVR 281 million in 2020). Additionally, a dividend of MVR 65 per share was proposed by the Board of Directors of STO.