State Trading Organization (STO) makes net profit of MVR 191 million during the first half of 2016. This
STO, in their second quarterly report, revealed that they earned a net profit of MVR 79 million during the second quarter. This is a 15 percent increase compared to the same period year-on-year.
According to STO’s reports, they earned a revenue of MVR 1.6 billion during the second quarter, of which, MVR 1.39 billion was spent as cost of sales. The profit is just 5% of total revenue.
However, this figure is a 9 percent decline compared to the second half of 2015. It is also a 28-percent decrease compared to the first quarter earnings.
Earnings per share attributable to equity holders of the parent company, at the end of the second quarter, was at MVR 70.90 per share.
State Trading Organization plc (STO) was registered as a public company in August 2001 and 1,126,910 shares were issued. During the IPO in 2001, 2.44% of the shares were sold to general public with the state holding the rest. A second offering took place in 2003, increasing the public ownership at STO to 7.71%, and a third in 2009 further increased that figure to 16.46%.
In 2010 the Government offered Provident Fund holders the option to use their savings to purchase state-owned share in public enterprises at a discount. Over 5000 additional state shares in STO were transferred to general public this way.
