State Trading Organization (STO) has, on Friday, published its Quarterly Report 2021.
During the first quarter of 2021, STO recorded a total revenue figure of MVR 2,156 million. This is a 15 percent increased compared to the previous quarter. The main reason for this jump in revenue is the increase in oil and fuel sales, which rose by 21 percent compared to the previous year.
Despite the increase in revenue, net profit during the first quarter of 2021 saw a decrease compared to the previous quarter. STO recorded MVR 109 million as net profit during Q1 2021, which is a 3 percent decrease compared to Q4 2020.
Furthermore, the company recorded an earnings per share figure of MVR 96 during the first quarter of 2021, which is a jump from the previous quarter, during which only MVR 80 was recorded as earnings per share.