State Trading Organization (STO) recorded a net profit of MVR 281 million in the third quarter of 2026, supported by stronger operational efficiency, increased fuel sales volumes and cost-cutting measures.
According to the company’s financial report published on Thursday, October 29, operating profit surged by 23% to MVR 400 million, compared with MVR 324 million in the previous quarter.
Despite a decline in revenue, STO maintained its profitability through improved cost management and restructuring of its medical business segment.
The company generated MVR 6.48 billion in revenue during the July to September period, representing a 7% decrease from MVR 6.98 billion in the second quarter. STO attributed the decline primarily to lower global fuel prices, although fuel sales volumes increased during the period.
Revenue from non-fuel business segments also remained strong, helping the company record a gross profit of MVR 738 million. Its gross profit margin improved to 11.4%, compared with 10.8% in the preceding quarter.
Operating expenses fell from MVR 449 million to MVR 393 million, largely due to workforce-related savings following the restructuring of the medical segment and reductions in other operational costs.
As a result, profit before tax increased by 5% to MVR 352 million, while net profit after tax reached MVR 281 million, compared with MVR 280 million in the previous quarter.
STO also reported a stronger financial position, with total assets increasing to MVR 18.35 billion and cash reserves rising to MVR 1.25 billion by the end of September.
The company’s share price climbed 12.7% during the quarter, reaching MVR 2,400, while its market capitalisation increased to MVR 2.71 billion.
STO said it remains focused on maintaining reliable supplies of essential goods, improving operational efficiency and strengthening long-term profitability across its business segments.
The company also expressed appreciation to its business partners for their continued trust, cooperation and support.
