STO Revenue Surges 33 Percent to USD 356.7 Million in First Quarter

The State Trading Organisation (STO) recorded USD 356.7 million in revenue during the first quarter of 2026, marking a significant 33 percent increase over the previous quarter. According to the state-owned enterprise, the substantial revenue growth was primarily driven by increased fuel sales volumes and price volatility in energy markets. These fluctuations were attributed to ongoing geopolitical developments that have impacted global energy stability, directly influencing costs and demand within the Maldives. Financial performance across other metrics also showed steady growth. STO reported a gross profit of USD 50.9 million, a 17 percent rise compared to the preceding quarter. Despite facing higher operating overheads, the company's operating profit climbed by 14 percent, reaching USD 23.9 million. The company's bottom line reflected these gains, with net profit after tax for the first quarter standing at USD 17.9 million. This represents a 13 percent increase over the previous quarter, signaling a strong start to the fiscal year despite the volatile external market conditions.