State Trading Organization (STO) reported its third-quarter total revenue at MVR 4.1 billion, marking a 9% increase from the preceding quarter. The uplift in revenue is largely attributed to the elevated oil prices the organisation sold during this period compared to the previous quarter.
However, despite the promising rise in revenue, STO’s profit figures have not followed suit. The organisation’s total profit in the third quarter amounted to MVR 760 million, a dip of 5% from the previous quarter. The decline is primarily attributed to the disparity between the global oil price surge and STO’s retained pricing. This discrepancy led to the company’s overall profit decreasing, with the operating profit standing at MVR 390 million.
Before considering tax deductions, STO’s profit for the third quarter was MVR 331 million. Once taxes were accounted for, the profit stood at MVR 271 million, indicating a 10% decrease compared to the prior quarter. However, it’s worth noting that even after witnessing a dip in the third quarter, the net profit after tax deductions amounted to MVR 942 million at September’s close. This represents a substantial increase of MVR 469 million from the same period the previous year.
