State Trading Organisation (STO) has reported a total revenue of USD 260.6 million during the first quarter of 2025.
According to STO’s quarterly report, the revenue in the first quarter of the year is 4.6 percent more than the USD 249 million reported in the last quarter of 2024.
The decline versus the prior year is largely attributed to the normalisation of international fuel prices, which were elevated during the first half of 2024, the state-owned company said.
The company reported a gross profit of USD 37.8 million in the quarter, down from USD 40 million in the fourth quarter of last year. The reduction was primarily driven by lower fuel pricing, despite stable volumes across key segments, STO said.
Operating profit stood at USD 17.1 million, a decline from USD 20 million in the first quarter of 2024 and USD 19.5 million in the previous quarter.
According to STO, while operating costs remained well-managed, the reduced gross profit and increased administrative expenses impacted operating results.
Despite the slide, STO reported a net profit after tax of USD 10.9 million, reflecting a 13.5 percent decrease compared to USD 12.6 million in the first quarter of last year.
The reduction is attributable to lower gross profit and increased provisions, though profitability across business lines remained positive and within forecast, the company said.