State Trading Organization (STO) reported a net profit of MVR 280 million for the second quarter of this year, marking a significant 71% increase compared to the same period last year. The company’s revenue for this quarter reached MVR 6.98 billion, representing a 27% growth over the preceding quarter. This rise in revenue is primarily attributed to the surge in global fuel prices. Despite a decline in profit margins from the fuel sector due to strategic efforts to stabilize domestic fuel prices, the overall profitability remained consistent, bolstered by the strong performance and growth of the company’s other business segments.
