STO posts 5% rise in pre-tax profit for Q3 2026, net profit at MVR 281 million

State Trading Organization (STO) has released its financial statements for the third quarter of 2026, reporting a pre-tax net profit of MVR 352 million, a five percent increase compared to MVR 335 million in the previous quarter. After tax deductions, net profit stood at MVR 281 million. Revenue for the quarter was MVR 6.48 billion, down seven percent from MVR 6.98 billion in Q2, which the company attributed to a fall in global oil prices. Despite the revenue drop, the volume of oil sold increased. Operating profit rose 23 percent to MVR 400 million, driven by reduced employee expenses from restructuring in the medical segment and lower operating costs. Total assets increased to MVR 18.35 billion, and cash reserves grew to MVR 1.25 billion.