State Trading Organization (STO) made a net profit of MVR 110 million in the second quarter of 2021.
According to STO’s quarterly financial report, the company’s revenue in the second quarter was MVR 2.2 billion, up 3% from the previous quarter. Most of the revenue was generated by fuel sales, which totaled MVR 1.4 billion.
In addition, STO reported a net profit of MVR 110 million for the second quarter, up from MVR 109 million in the first quarter of 2021.
STO’s financial status has improved significantly this year when compared to the previous three quarters of 2020, with the company recording a net profit of MVR 91 million in the fourth quarter of 2020.
In 2020, the company earned a total net profit of MVR 359 million, a 16% increase over the previous year’s total net profit of MVR 303 million.