STO Reports Strong Q1 Profits

According to a report released by the state-owned enterprise (SOE) yesterday, its revenue reached MVR 4.5 billion, marking a 12 percent increase compared to the same period last year.

This resulted in a 46 percent rise in STO's net profit, attributed to enhancements across its various business operations.

STO, one of the government's most successful SOEs, recorded profits of MVR 819 million in 2023 alone, a ten percent increase from 2022.

Employing approximately 2,200 individuals, STO is among the oldest and most established SOEs in the country.