State Trading Organization (STO) reported a revenue of MVR 5.5 billion for the first quarter of this year, marking a significant 33% growth compared to the previous quarter. This upward trend is primarily attributed to the rise in global fuel prices and a 27% surge in fuel sales volume, including bunkering services, alongside the robust performance of the company’s other business sectors.
Reflecting this growth, STO achieved an operating profit of MVR 368 million. The net profit after tax stood at MVR 276 million for the period. These financial results highlight a strengthened fiscal position for STO—a key player in the fuel, pharmaceuticals, construction, and staple foods markets—demonstrating notable progress over the preceding quarter.
