Business

STO third-quarter profit climbs to MVR 281 million

State Trading Organization made a net profit of MVR 281 million in the third quarter, up from MVR 186 million a year earlier, even as lower fuel prices cut revenue.

By Mohamed Hussain·Oct 30, 2026, 10:05 AM · Updated Oct 30, 2026, 10:05 AM

A man in a light blue shirt holds a fuel nozzle at a blue STO fuel dispenser as onlookers watch — President Mohamed Muizzu at an STO fuel dispenser during the opening of an STO fuel skid in R. Dhuvaafaru on 13 December 2025. Photo: The President's Office, Maldives / Wikimedia Commons (CC BY 4.0) · The President's Office, Maldives / Wikimedia Commons (CC BY 4.0)

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State Trading Organization (STO) made a net profit of MVR 281 million in the third quarter of 2026, according to its quarterly report published on 29 October.

Profit after tax for July to September was slightly above the MVR 280 million posted in the second quarter, and 51 per cent higher than the MVR 186 million recorded in the same quarter of 2025, the company's figures show.

Revenue down on lower fuel prices

Revenue fell 7 per cent from the previous quarter to MVR 6.48 billion, from MVR 6.98 billion. STO said the drop was mainly due to lower global fuel prices, partly offset by higher fuel sales volumes and steady results from its non-fuel businesses.

Fuel made up 79 per cent of the quarter's revenue. In the third quarter of 2025, the company's revenue was MVR 3.84 billion.

Gross profit was MVR 738 million, compared with MVR 757 million in the second quarter, while the gross margin improved to 11.4 per cent from 10.8 per cent.

Operating expenses fell to MVR 393 million from MVR 449 million. STO said this was mainly because staff costs dropped after the transition of its medical segment and the related transfer of staff. Operating profit rose 23 per cent to MVR 400 million, and profit before tax increased to MVR 352 million from MVR 335 million.

Nine-month figures

Taken together, STO's quarterly figures show a net profit of about MVR 837 million on revenue of MVR 18.95 billion in the first nine months of 2026, compared with about MVR 518 million in profit on MVR 11.41 billion in revenue in the same period of 2025.

Cash and cash equivalents rose to MVR 1.25 billion at the end of September, from MVR 862 million three months earlier, and earnings per share reached MVR 249. STO's last traded share price on the Maldives Stock Exchange in the quarter was MVR 2,400, up 12.7 per cent from the end of June.

The government owns 81.63 per cent of STO, which imports fuel for the country and also trades in groceries, construction materials and medical equipment. The quarterly figures are unaudited.

#STO#Business#Fuel#Earnings

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