STO Head Office in Male’ City | Photo credits: PSM News
The State Trading Organisation (STO) has recorded USD 356.7 million in revenue in the first quarter of 2026, a 33 percent increase compared to the previous quarter.
STO said the significant revenue growth was driven by volatility in fuel prices arising from the geopolitical developments affecting the energy markets and substantial increases in fuel sales volumes.
According to STO, gross profit reached USD 50.9 million, up 17 percent from the previous quarter. Operating profit rose 14 percent to USD 23.9 million, despite higher operating overheads.
Net profit after tax for the first quarter of 2026 stood at USD 17.9 million, representing an increase of 13 percent compared to the previous quarter.