Thursday 25th Jul 2024
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STO Posted Profit of 819 Million MVR

STO posted a profit of 819 million MVR in the last quarter. The company posted a profit of 728 million MVR in the previous quarter, which is an increase of 91 million MVR.
However, the company's total revenue for the year declined significantly last year compared to 2022. STO had generated 16.4 billion MVR in revenue in 2023, which is a sharp drop from the 18.2 billion MVR in revenue that was generated in 2022.
Oil markets played a major role in the decline in total revenue last year. The company's oil price cuts last year affected its total revenue.
STO has posted operating costs of 1.2 billion MVR in 2023, compared to 1 billion MVR in 2022.
The governance arrangements introduced by STO Group reflect a high-performance, well-functioning organization, and these arrangements enable the board and management to make fully informed decisions, STO noted in its release.