The State Trading Organisation (STO) recorded a net profit of MVR 281 million in the third quarter of 2026, up from MVR 186 million in the same period last year.

STO reported revenue of MVR 6.48 billion for the quarter, a 7 per cent decrease from MVR 6.98 billion in the second quarter, mainly due to lower global oil prices.

Despite the decline in revenue, operating profit rose 23 per cent quarter-on-quarter to MVR 400 million, up from MVR 324 million.

The company attributed the improvement to lower operating costs, following restructuring in its medical segment, staff changes and reductions in other expenses. Total operating expenses fell from MVR 449 million in the second quarter to MVR 393 million.

Profit before tax increased to MVR 352 million, compared with MVR 335 million in the previous quarter. Earnings per share also rose slightly from MVR 248 to MVR 249.

STO’s total assets increased to MVR 18.35 billion as at 30 September, up from MVR 17.82 billion at the end of the previous quarter. Its cash reserves also grew to MVR 1.25 billion from MVR 862 million.