The State Trading Organization (STO) has reported stable financial and operational performance in the first quarter of 2025, despite a decline in net profit due to falling global oil prices. The company’s Q1 results were officially published on April 30 via its corporate website.
According to the report, STO recorded a total revenue of MVR 4.02 billion, representing a 4.6% increase from the MVR 3.84 billion reported in Q4 FY2024. While this marks quarter-on-quarter growth, the company acknowledged a year-on-year revenue dip, primarily due to the stabilization of international oil prices following a surge in early 2024.
Despite the impact of oil price fluctuations, non-oil sectors such as general trading, construction materials, and healthcare solutions delivered strong results, contributing to the company’s overall financial resilience. The oil segment continues to generate the largest share of STO’s revenue, underscoring its central role in the organization’s business model.
STO posted a net profit of MVR 583 million in Q1 2025, down from MVR 617 million in the same quarter last year. Operating profit fell to MVR 263 million, compared to MVR 308 million in Q1 FY2024 and MVR 300 million in the previous quarter.
The company cited lower crude oil prices and shifts in earnings timelines as key factors affecting profitability. Net profit after tax stood at MVR 169 million, reflecting a 13.5% decrease from MVR 195 million in Q1 FY2024. Nevertheless, all business units remained profitable and aligned with performance expectations.
Looking forward, STO expressed confidence in its ability to restore growth momentum, with plans to expand its oil and wholesale operations, introduce new product lines, and capitalize on digital transformation and infrastructure projects already underway.
In its statement, STO extended appreciation to its business partners for their ongoing trust and collaboration.
“We thank all our partners for their closeness and support in the affairs of STO,” the company said.