The State Trading Organization (STO) has reported a significant decline in its total revenue for the second quarter of 2024. The company’s revenue for the period fell to $3.5 billion, marking a 23 percent decrease from the previous quarter.
The financial results, released on July 30, 2024, on STO's website, highlight a drop in total profit to MVR 515 million, a 16 percent decline compared to the prior quarter. The decrease is attributed primarily to fluctuations in global oil prices, which are central to STO's business operations.
Despite the revenue and profit decline, STO achieved an operating profit of MVR 203 million for the second quarter. This indicates the company's ability to maintain profitability in its core operations despite the adverse market conditions.
The financial results, released on July 30, 2024, on STO's website, highlight a drop in total profit to MVR 515 million, a 16 percent decline compared to the prior quarter. The decrease is attributed primarily to fluctuations in global oil prices, which are central to STO's business operations.
We’ve published our 2024 2nd Quarterly Report. Full report at: https://t.co/0smSoyrFVh pic.twitter.com/yWppfuKO2I
— STO (@stoplc) July 30, 2024
Despite the revenue and profit decline, STO achieved an operating profit of MVR 203 million for the second quarter. This indicates the company's ability to maintain profitability in its core operations despite the adverse market conditions.
