STO Reports MVR 279.8 Million Profit in Second Quarter of 2026

State Trading Organization (STO) Plc reported a profit after tax of MVR 279.8 million for the second quarter of 2026, reflecting continued earnings growth as the company benefited from stronger contributions from its diversified business portfolio, higher dividend income from subsidiaries and sustained revenue growth despite challenging global market conditions.

According to the company's latest quarterly report, revenue increased by 27 percent to MVR 6.98 billion, driven primarily by higher global fuel prices and continued growth in its non-fuel business segments. Fuel sales accounted for 86 percent of total revenue, while non-fuel operations contributed the remaining 14 percent.

Despite pressure on fuel margins resulting from higher procurement costs, STO maintained healthy profitability through improved performance across its non-fuel businesses and stronger returns from subsidiary investments.

Profit before tax increased to MVR 335.4 million, while earnings per share rose to MVR 248, up from MVR 245 in the previous quarter, reflecting continued value creation for shareholders.

The company also maintained a strong financial position during the quarter. Operating activities generated MVR 382 million in cash, helping increase cash and cash equivalents to MVR 862 million at the end of June. Total equity also strengthened to MVR 6.08 billion, supported by retained earnings.

STO continued investing in long-term growth during the quarter, increasing property, plant and equipment to MVR 2.93 billion through investments in vessels, vehicles and other strategic assets aimed at enhancing operational capacity.

Looking ahead, STO remains focused on ensuring a reliable supply of essential goods, improving operational efficiency and strengthening profitability across all business segments. The company noted that while fluctuations in global fuel prices may continue to affect margins, its diversified business portfolio, disciplined financial management and ongoing strategic investments position it well for sustainable long-term growth.

The second-quarter results reinforce STO's position as one of the Maldives' strongest listed companies, demonstrating resilience and consistent financial performance while continuing to invest in the country's economic development.