STO Building
STO posts revenue of USD 227m in Q2 Amid Fuel Price Drop
2024-08-01 10:24:18
Aishath Hussain
The State Trading Organisation (STO) reported a revenue of USD 227 million for the second quarter of this year, a 23% decrease from the first quarter.
According to the latest financial data released by STO, the decline is mainly attributed to a reduction in fuel prices in the Maldivian market, influenced by global fuel price fluctuations. This downturn impacted the company's core fuel business, resulting in a 16% drop in profit to USD 33 million compared to the previous quarter.
STO's operating profit for the second quarter was USD 13 million, with a pre-tax profit of USD 11 million and an after-tax net profit of USD 9.6 million, reflecting a 24% decrease from the previous quarter. As the largest multi-business entity in the Maldives, STO operates in various sectors, including fuel trading, pharmaceuticals, construction materials, and food and beverages.
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