State Trading Organization (STO) has suffered a loss of MVR 256 million last year compared to 2019 as a result of the Maldives’ economic downturn.
According to STO’s annual financial report, the company made MVR 8.5 billion in revenue last year, down MVR 2.4 billion from the previous year.
The company’s profits this year were lower due to a decrease in revenue and long-term liabilities, with a profit of MVR 127 million in 2020, compared to MVR 383 million in 2019.
Furthermore, the company earned a gross profit of MVR 1.7 billion this year, but the net profit was lower due to long-term debts, and the company had to pay MVR 96 million in business profit tax.
STO earned the following revenue from its various business activities:
- Trading – MVR 3.1 billion
- Fuel and lubricant – MVR 3.9 billion
- Fisheries – MVR 1.6 billion
- Gas – MVR 197 million
- Insurance – MVR 179 million
- Others – MVR 48 million
STO plans to inform the board of directors at its annual general meeting on May 31st that it intends to pay a dividend of MVR 60 for the previous year, which is MVR 2 higher than 2019.