The State Trading Organization (STO) has reported a solid financial performance for 2025, with total revenue reaching MVR 15.5 billion, according to official statistics released on Sunday. The figures point to steady growth across the company’s operations and reflect improved business activity throughout the year.
Compared to 2024, STO’s revenue rose by MVR 98 million, underscoring a year of consistent gains despite changing market conditions. The state-owned enterprise attributed this progress to stronger sales performance across nearly all of its business sectors.
Profits Rise Alongside Improved Sales
STO said the increase in revenue was accompanied by higher profitability. For 2025, the company recorded profits of MVR 910 million before taxes. After tax deductions, net profit stood at MVR 762 million, marking a 3 percent increase compared to the previous year.
Company officials noted that improved sales volumes and better operational efficiency played a key role in driving profit growth. As one of the Maldives’ largest and most influential public companies, STO operates across fuel distribution, retail, pharmaceuticals, construction materials, and other essential services, making its financial performance closely tied to overall economic activity.
Strong Fourth Quarter Performance
The final quarter of 2025 proved particularly strong for STO. Revenue for the fourth quarter reached MVR 4.1 billion, representing an 8 percent increase compared to the previous quarter. The company said this growth reflected broad-based improvements rather than gains in a single segment.
Total income for the fourth quarter amounted to MVR 671 million, an 11 percent rise from the third quarter. Operational profits also saw a notable jump, increasing by 11 percent quarter-on-quarter to reach MVR 322 million.
These results suggest that STO ended the year with strong momentum. Could this trend continue into 2026? Analysts often look to fourth-quarter performance as an indicator of future stability, especially for large state-owned enterprises.
Fuel and Other Revenue Streams Show Growth
According to STO, fuel sales continued to be a major contributor to revenue, with fuel-related income increasing by 4 percent during the year. Meanwhile, other revenue streams recorded even stronger growth, rising by 19 percent.
The company emphasized that improved business activity across all sectors was the main driver behind the overall revenue increase. This balanced growth helped reduce reliance on any single line of business and supported more stable financial results.
Lower Financing Costs Boost Net Profit
Another factor contributing to STO’s improved bottom line was a reduction in financing expenses during the fourth quarter. As a result, the company recorded a net profit of MVR 276 million before taxes for the quarter, a 20 percent increase compared to the previous quarter.
After taxes, STO reported a net profit of MVR 244 million for the fourth quarter. The company described this as a clear sign of stronger financial management and improved cost control.
STO remains one of the most successful and strategically important public companies in the Maldives. Its performance not only reflects internal efficiency but also broader trends in domestic consumption and economic activity.
With revenue and profits both showing upward movement, STO’s 2025 results highlight a year of resilience and steady growth. As the company looks ahead, maintaining this balance between expansion and cost discipline will be crucial in sustaining long-term financial health.
