Maldives state-owned enterprises report quarterly profit
STO reported US$3 million as Q1 after-tax profit whilst MTCC’s profit declined by 47 percent in Q2.
31 Jul 2018, 9:00 AM
The State Trading Organisation earned a net profit of MVR47.3 million (US$3 million) after taxes in the first quarter of 2018.
STO, the largest state-owned enterprise and the country’s primary wholesaler, reported Monday a total revenue of MVR2 billion in Q1 with an operating profit of MVR93 million.
A dividend payment of MVR55.00 per share was approved at its annual general meeting on May 30.
The STO is a public limited company with an 82 percent stake owned by the government. Its subsidiaries include the Allied Insurance Company, Fuel Supply Maldives, Maldives Gas, Lafarge Maldives Cement, the Maldives National Oil Company and the Maldives Industrial Fisheries Company.
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