The statistics for the third quarter of 2022 of State Trading Organization (STO) has been published on the company’s website on October 30, 2022.
The revenue total for the third quarter was MVR 4.6 billion. The corporation reported a net income of MVR 458 million in the second quarter and MVR 515 million in the third. This represents a 13% increase over the previous quarter. This is mostly due to the fact that all STO operations have been enhanced and the cost of procuring items has decreased.
The operating profit for the second quarter was MVR 217 million and the operating profit for the third quarter was MVR 255 million. This is an 18% increase over the previous quarter.
While the cost of financing climbed as oil prices rose on the worldwide market, net income grew due to better overall profits and a decrease in the cost of holdings. Before the tax decrease, the quarter’s net income was MVR 205 million. In the second quarter, the net profit after taxes amounted to MVR 155 Million, increasing by 8% to MVR 168 Million in the current quarter.