State Trading Organization (STO) have revealed in their 2019 annual report a gross profit of MVR1,950 million (MVR1.95 billion) for the previous fiscal year.
According to the country's largest public limited corporation their revenue for the previous year stood at MVR10,906 million (MVR10.9 billion) while their operating profit stood at MVR842 million.
Moreover, the operating cash flow of the company stood at MVR125 million while the profit before tax according to the company's annual report for 2019, was at MVR476 million.
Meanwhile STO has announced a dividend of MVR58 per share for its shareholders in the upcoming Annual General Meeting, slated for 30 August 2020.
STO generated a net revenue of MVR2,646 million (MVR2.6 billion) from its trading activities while the highest revenue pull came from their fuel and lubricant services which observed a net revenue of MVR6,458 million (MVR6.5 billion). The company further earned MVR219 million from their sale of gas and another MVR210 million from insurance.
Furthermore, STO earned a net revenue of MVR1,359 million (MVR1.4 billion) from fisheries related activities.
The company's trading segment saw a moderate decline in net revenue for 2019 in comparison with 2018 where it stood at MVR2,662 million (MVR2.7 billion). Similarly the net revenue from construction materials saw a decline in 2019 where it was observed at MVR418 million whereas the figure stood at MVR481 million in 2018.
However, net revenue from medical services saw improvement in 2019 which stood at MVR1,028 million (MVR1.02 billion) whereas in 2018 the net revenue from the segment was at MVR963 million. Similarly the business from fuel and lubricants saw improvement from 2018 where it had reached MVR6,381 million (MVR6.4 billion).
Overall the company's gross profit saw noticeable improvement in 2019 at MVR1.95 billion from MVR1.5 billion in 2018 while operating profit saw a significant improvement to MVR842 million in the review year from MVR247 million in 2018.
The company had observed a loss of MVR130 million in 2018 for profit before tax, however it reversed in 2019 with a profit before tax of MVR476 million.
