State Trading Organisation (STO) announced on Wednesday a net profit of MVR 156 million for the third quarter of 2023, reflecting a 5% increase from MVR 148 million reported in the previous quarter.

For the period from June to August, STO generated revenues of MVR 3.6 billion. After accounting for operating expenses totaling MVR 2.9 billion, the company achieved an operating profit of MVR 250.7 million.

The third-quarter net profit translates to earnings of MVR 138 per share, marking a slight rise compared to the second quarter. Notably, oil sales accounted for 80% of STO’s total revenue, with the remaining 20% derived from other business activities.

In addition to its profitability, STO reported a growth in reserves, which reached MVR 4.6 billion by the end of the quarter. The company’s total asset value also saw an increase, rising to MVR 4.7 billion.

These results underscore STO's robust performance and continued importance in the Maldivian economy, particularly in the energy sector.