The State Trading Organization (STO) concluded their fiscal year of 2018 with significant business growth with profitable numbers.
According to the company’s annual report of 2018 STO, the company generated MVR10.8 billion in revenue during the entire run of 2018 and made a gross profit of MVR1.5 billion.
Based on the share of revenue, the company generated 58.7% of its total revenue from the sale of fuel and lubricants while 24.5% of the revenue was earned in trading. From fisheries, the company pulled in 12.3% of the total revenue while 2.3% of the total revenue was earned from insurance and 2.0% from the sale of gas.
The net revenue earned by STO from trading reached MVR2.6 billion and the net revenue from the sale of gas reached MVR223 million. The highest net revenue earned to the company was through the sale of fuel, which reached MVR6.3 billion while the company had earned MVR1.3 billion from fisheries.
The net revenue earned from trading in 2018 is a 4% increase from the net revenue earned in 2017 from trading, which had reached MVR2.5 billion. As for the net revenue increase in the sale of fuel, STO observed a 34% increase in the net revenue in 2018 compared to 2017 where the company earned MVR4.7 billion.
The sale of gas had also registered a revenue increase by 6% in 2018 from MVR210 million during 2017 to MVR223 million during the year in review.
The company’s revenue in 2018 grew by MVR1.8 billion compared to the figures for 2017. STO generated revenue of MVR9.1 billion in 2017, but it had increased to MVR10.9 billion in 2018.
Similarly, gross profit of the company had increased from MVR1.4 billion in 2017 to MVR1.5 billion in 2018. However, the operating profit in 2018 was comparatively lower than 2017 – in 2018 the operating profit was at MVR247 million however in 2017 it was at MVR315million.
The company’s profit before tax was also lower in 2018 compared to 2017. While STO made a profit of MVR80 million before tax during the year in review, it had made a profit before tax of MVR211 million in 2017.
The company’s operating profit reached MVR247 million and a dividend of MVR58 per share proposed for the company’s shareholders.
The profit before tax of STO reached MVR80 million during 2018.