STO Q1 Earnings Rise on Higher Oil Prices, Increased Sales

The State Trading Organisation (STO) reported stronger first-quarter earnings for 2026, driven by rising global oil prices and increased fuel sales volumes.

The company recorded revenue of MVR 5.5 billion for the quarter, marking a 33 per cent increase compared to the previous quarter. STO attributed the growth to higher oil prices amid unrest in the Middle East, alongside a 27 per cent rise in fuel sales, including bunkering, and improved performance across its other business segments. 

Gross profit rose 17 per cent to MVR 785 million during the period. Despite an increase in operating expenses, operating profit reached MVR 368 million, up 14 per cent from the previous quarter.

STO also reported a 20 per cent increase in net profit before tax, which stood at MVR 331 million, supported by reduced financing costs. After tax, net profit for the quarter was recorded at MVR 276 million.