The State Trading Organization (STO) has announced a net profit of USD 10.57 million for the second quarter of 2025, reflecting a 3 percent dip from the previous quarter amid challenging conditions in its oil division.
According to the company’s latest financial disclosure, gross profit for the quarter stood at USD 37.23 million, down 2 percent compared to Q1. Meanwhile, total revenue dropped by 12 percent to USD 233.44 million, a decline attributed to volatility in global oil prices and a marked decrease in local demand for fuel products.
Despite setbacks in its core energy segment, STO saw improved performance across several of its other business areas. Revenues from pharmaceuticals, construction materials, and food and beverage divisions recorded steady gains, helping to cushion the impact of the oil sector downturn.
Operating profit fell 11 percent to USD 15.31 million, a reduction the company linked to a dip in gross profit and an uptick in operational costs. Nevertheless, STO benefitted from increased returns on investments and a decrease in finance costs, which pushed pre-tax earnings to USD 12.84 million.
When adjusted for taxes, the final net profit of USD 10.57 million marks a year-over-year increase of 10 percent—equivalent to an additional USD 972,762.65 compared to the same period in 2024. This performance highlights the underlying resilience of STO’s diversified portfolio despite short-term headwinds in global commodity markets.
STO, one of the Maldives’ most influential commercial entities, maintains a strong presence in key sectors including fuel, healthcare, construction, and food security. Its role in national supply chains and economic stability remains central as it continues to adapt to evolving market pressures.
