State Trading Organisation (STO) has generated a total income of USD660 million in 2021.
As per the quarterly financial report published by STO, the company generated an income of USD213 million in the last quarter of 2021, taking the total annual income to USD660 million. This is a 41% increase compared to the income generated by STO in 2020.
STO attributed the increased income to the increased fuel sales during the year. STO said the profit recorded during 2021 had increased compared to the previous year, as the company was able to maintain its expenditure at the same level along with the increased expenditure. As such, STO revealed a gross profit of USD97 million was generated in 2021, an increase of 7% from the previous year.
According to the quarterly report, STO generated a net profit of USD8.5 million during the final quarter of 2021, a significant increase from the USD5.9 million recorded during the final quarter of 2020. STO generated a total net profit of USD31 million in 2021, a 33% increase from the previous year.