According to their 2018 annual report, STO has made a profit of MVR 30 million last year; an increase of 17% compared to 2017, after earning a total revenue of MVR 10.8 billion.
Majority of STO’s revenue comes from their oil trade. Compared to 2017 they managed to increase their oil revenue by 34% and the rest by 25% excluding the fisheries industry, which saw a decrease in profit.
Due to the increased demand for oil, STO’s main focus is the oil market. The company reports plans to expand their warehouse occupancy to accommodate 210,000 barrels of oil.
Breakdown of STO’s revenue for 2018;
Trade: MVR 2.6 billion
Gas: MVR 223 million
Fuel: MVR 6.3 billion
Insurance: MVR 245 million
Fisheries: MVR 1.3 million
In the upcoming STO’s annual general meeting, to be held on the 16th of May, shareholders are said to receive a dividend of MVR 58 from their profit.
