The State Trading Organization (STO) achieved significant growth in the first quarter of this year, securing a total gross profit of MVR 785 million.

STO announced tonight that the company generated a total revenue of MVR 5.5 billion during the first three months of the year. The company attributed this substantial revenue increase primarily to the rise in global oil prices driven by ongoing conflicts in the Middle East.

With the hike in fuel prices, the volume of oil sold by STO—including bunkering services—saw a 27 percent increase during this quarter.

The company also noted that its business operations in other sectors showed improvement during this period.

The MVR 785 million gross profit earned this quarter represents a 17 percent growth compared to the previous quarter.

Despite a proportional increase in administrative expenses, the company recorded an operating profit of MVR 368 million, which is a 14 percent increase over the previous quarter.

As a result of reduced financing costs, STO highlighted that its net profit before tax reached MVR 331 million, marking a 20 percent growth.

After deducting state taxes, the company's net profit stood at MVR 276 million.

STO stated that such significant success was made possible through the support and cooperation of all its business partners. Consequently, the company's management extended a special thanks to those stakeholders.