State Trading Organization (STO), a state-owned enterprise, has declared a net profit of MVR 368 million for the first quarter of 2023. The company’s total revenue during the quarter was MVR 4.4 billion, which is lower than the MVR 4.5 billion earned in the previous quarter. Despite the lower revenue, STO’s net profit for the first quarter was 37% higher than the last quarter, thanks to lower operational costs and total expenses.
The financial highlights of STO’s 2023 1st Quarter Report show that the company earned a gross profit of MVR 808.9 million and an operating profit of MVR 503.4 million. The earning per share for the quarter was MVR 327. The report also shows a decrease in the debt owed by STO, from MVR 7.5 billion in the last quarter to MVR 6.6 billion in the current quarter. At the same time, the company’s net worth increased from MVR 3.6 million to MVR 3.95 million.
Despite the decrease in revenue, the company was able to reduce its operational costs by MVR 16.2 million and total expenses by MVR 283.8 million, resulting in a significant increase in net profit. These positive signs bode well for the company’s future and are likely to instil confidence in its shareholders and customers.
STO is one of the largest state-owned enterprises in the Maldives, with a diversified business portfolio that includes retail, wholesale, and import/export businesses.