STO reports MVR 5.5 billion revenue in strong Q1 2026 performance

The State Trading Organization (STO) has kicked off 2026 on a high note, reporting robust financial results for the first quarter that highlight strong momentum across its core businesses.

According to financial statements released on April 22, STO generated MVR 5.5 billion in total revenue for the quarter—a remarkable 33 percent increase compared to the previous quarter. The surge was driven by a combination of higher global oil prices amid geopolitical tensions in the Middle East and a substantial 27 percent rise in fuel sales volume, including bunkering services. The company also recorded notable improvements across its other business segments, further strengthening its overall performance.

This solid revenue growth translated into a gross profit of MVR 785 million, up 17 percent from the previous quarter, reflecting improved operational efficiency and strong market demand.

Despite an increase in operating expenses in line with expanded business activity, STO maintained healthy profitability. Operating profit rose by 14 percent to MVR 368 million, demonstrating the company’s ability to scale effectively while managing costs.

Further boosting its performance, STO benefited from lower financing costs during the quarter. Net profit before tax reached MVR 331 million, a 20 percent increase compared to the previous quarter. After tax, the company recorded a net profit of MVR 276 million.

STO expressed sincere appreciation to its business partners for their continued support and collaboration, crediting these relationships as a key factor behind its strong performance.

The results underline STO’s resilience and its growing contribution to the Maldivian economy, positioning the company for continued success in 2026.