State Trading Organization (STO) has recorded MVR 4 billion in total revenue for the first quarter in 2022.

STO's quarterly report published on Saturday showed a 23% increase in total profit for the company compared to the previous year.

STO stated that the increase in fuel transactions contributed to the increase in profits in the first quarter of the year. As such, STO's net profit increased by MVR 71.6 million in the first quarter.

As per STO's quarterly report, STO's earned MVR 177 million in profit before tax during the first quarter - a 15% increase compared to the previous quarter.

STO's net profit for the first quarter in 2022 is at MVR 150 million - a 14% increase compared to the previous quarter.