STO Records MVR 186 Million Profit in Third Quarter

The State Trading Organization (STO) has posted a solid profit of MVR 186 million for the third quarter of this year, marking its strongest financial performance in over a year.

Revenue Growth Driven by Fuel Sales

According to STO’s latest quarterly financial report, the company generated MVR 3.8 billion in revenue during the third quarter. This represents an increase of MVR 259 million compared to the same period last year.

STO attributed this growth primarily to the rise in fuel sales, which remains one of its core business segments. The company also noted that revenues from other sectors climbed by 8 percent, indicating broad-based improvement across operations.

Strongest Performance in 15 Months

This quarter’s earnings reflect STO’s highest profit in the past 15 months. The company earned MVR 156 million during the third quarter of last year and MVR 163 million in the second quarter of this year. The consistent upward trend signals improved operational efficiency and stronger market demand.

Streamlined Operational Costs

In its report, STO highlighted several internal adjustments that contributed to better financial performance. During the third quarter, the company reclassified lease, sales, marketing, and financing costs, which resulted in reduced operational expenses.

Following these changes, total operational costs declined from MVR 367 million to MVR 358 million, further boosting profitability.

With steady growth in both fuel and non-fuel sectors, STO appears well-positioned to maintain its upward trajectory in the coming quarters. The organization’s continued focus on optimizing expenses and expanding key business lines suggests a positive outlook for the remainder of the fiscal year.