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MSS Tops STO Group Revenue Growth

MSS Tops STO Group Revenue Growth

According to the group’s annual report, Maldives State Shipping (MSS) was the star performer among STO group businesses in 2023. The company’s revenue surged by an impressive 22% year-on-year, reaching MVR 376 million compared to MVR 308 million in the previous year.

Meanwhile, Allied, the STO subsidiary in the insurance sector, secured the second spot for revenue growth with a 19% increase. Allied’s revenue reached MVR 519 million in 2023, up from MVR 436 million in 2022.

However, STO’s overall performance painted a different picture. The group’s total revenue in 2023 witnessed a significant plunge of MVR 2 billion compared to 2022, landing at MVR 17 billion. This sharp decline can be attributed to a slump in the oil business, a major revenue generator for STO. The company’s revenue from oil sales dipped by 3.4% year-on-year, reaching MVR 13 billion in 2023.

Furthermore, STO’s trading and construction arm, People’s Choice, also experienced a decline in revenue compared to the previous year.

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Despite the overall revenue slump, STO achieved a profit increase of MVR 90 million. The company reported a net profit of MVR 818 million for the last fiscal year. This rise in profitability is likely due to cost-cutting measures implemented by STO.

MMJ News Desk
Author: MMJ News Desk

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