State Trading Organization (STO) has yesterday publicized its Fourth Quarter Report 2020, outlining key statistics of the company.
According to the report, STO recorded a total revenue of MVR 1,873 million in the fourth quarter of 2020.
Its operating profit during the fourth quarter stood at MVR 151 million. Net profit was MVR 91 million during the period, which is a 10 percent increase compared to the fourth quarter of 2019.
Throughout 2020, STO ceaselessly provided essential services and supported efforts to curb the COVID-19 pandemic in the Maldives. As such, the company provided necessary medical consumables and equipment for the healthcare industry.
Taking a look at STO’s operational costs, the company recorded a 4 percent higher expenditure during Q4 2020 compared to the same period in 2019. This is due to the extension of the credit period for customers in relation to the pandemic. Additionally, provisions saw an increase due to changes brought to the company’s provision criteria.
For the year 2020, STO recorded a total revenue of MVR 7.2 billion. Profit before tax stood at MVR 500 million, while profit after tax was MVR 410 million. This is a 35 percent increase compared to 2019.