State Trading Organization (STO) has recorded a strong financial performance in the first quarter of 2026, with significant growth in both revenue and profits compared to the previous quarter.
Financial statements released on April 22 show that the company generated MVR 5.5 billion in revenue during the quarter, reflecting a 33 percent increase from the final quarter of 2025. The rise has been attributed to multiple factors, including higher global oil prices linked to geopolitical tensions in the Middle East, as well as increased demand for fuel.
STO reported a 27 percent increase in fuel sales volume, including bunkering services, which played a key role in driving overall revenue. The company also noted improved performance across its other business segments, contributing to the overall growth.
Gross profit for the quarter reached MVR 785 million, marking a 17 percent increase compared to the previous quarter. Despite higher operating expenses, the company achieved an operating profit of MVR 368 million, up 14 percent.
The financial results further show that reduced financing costs helped boost profitability, with net profit before tax rising to MVR 331 million, representing a 20 percent increase. After tax, STO recorded a net profit of MVR 276 million for the quarter.
The company acknowledged the role of its business partners in achieving these results, expressing appreciation for their continued support and collaboration.
The performance reflects a strong start to the year for STO, driven by favorable market conditions and growth across its core operations.
