STO reports MVR 574 million profit in Q2 despite a drop in revenue

State Trading Organization (STO) has reported a profit of MVR 574 million for the second quarter of 2025, reflecting a 2 percent decline compared to the previous quarter.

According to the company’s financial disclosure, total revenue for Q2 stood at MVR 3.6 billion, marking a 12 percent decrease quarter-on-quarter. STO attributed the revenue decline primarily to fluctuations in global oil prices and reduced demand for fuel during the period. The company’s fuel segment remains its largest revenue source.

Despite the dip in fuel sales, STO noted an increase in revenue across its other business segments. Operating profit also saw a decline; however, a reduction in net finance costs—driven by increased investment income—helped cushion overall earnings.

Net profit before tax for the quarter amounted to MVR 198 million. In its annual review, STO recorded a net profit of MVR 741 million for 2024, down 10 percent from MVR 812 million in 2023.