State Trading Organization Plc (STO) has recorded MVR 10 billion as revenue in 2021, considered to be one of the best financial performances in its history.
According to the financial report published by STO, the company earned MVR 10 billion as revenue in 2021. This is an increase of 41 percent compared to the previous year. Moreover, the company earned MVR 479 million as net profit after tax. This is an increase of 35 percent compared to the previous year.
The majority of STO’s revenue was earned through the sale of fuel with MVR 7.1 billion recorded from fuel sales alone in 2021. Other notable streams of revenue include trading, gas, and fishing.
STO’s recent success under its Managing Director Hussain Amr has been attributed to the expansion of its fuel business and a decrease in its operating costs.
