STO Posts MVR 574 Million Q2 Profit Despite Lower Revenues

State Trading Organization (STO) has announced a net profit of MVR 574 million for the second quarter of 2025, even as total revenues dipped from the previous quarter.

According to the company’s latest financial statement, STO earned MVR 3.6 billion in total revenue for the second quarter. This marks a 12 percent drop compared to the first quarter of the year. The decrease was largely due to changes in global oil prices and a slowdown in domestic fuel demand, both of which affected earnings from STO’s key fuel segment.

Fuel sales continue to account for the largest share of STO’s income. However, the company highlighted improved performance in its other divisions, which helped support overall revenue.

While operating profit slipped during the quarter, STO managed to reduce its net finance costs. Increased returns from investments played a major role in this, helping to balance out some of the losses from core operations.

STO reported a pre-tax profit of MVR 198 million for the quarter. The company’s annual financial summary also revealed a net profit of MVR 741 million for 2024, which is about 10 percent lower than the MVR 812 million recorded in 2023.

Despite short-term fluctuations in fuel revenue, STO appears to be benefiting from efforts to diversify its business. The company’s strategy to strengthen other revenue streams may prove vital, especially in times of volatile global energy markets.

With its strong presence across various sectors including healthcare, construction, and consumer goods, STO remains one of the most influential state-owned enterprises in the Maldives.

As the global economic outlook continues to shift, companies like STO are under increasing pressure to remain adaptable. So far, the organization’s financial results show signs of cautious resilience in a changing business landscape.