The State Trading Organization (STO) has recorded a net profit of MVR 276 million in the first quarter of this year, according to its latest financial statements.
Total revenue for the three-month period reached MVR 5 billion, up from MVR 4 billion in the final quarter of last year.
STO attributed the revenue growth primarily to stronger earnings from its fuel business. The company said fuel demand increased during the quarter, coupled with shifts in global oil prices.
Fuel prices were last adjusted on the 5th of last month.
- Petrol: MVR 13.50 → MVR 16.01 (+ MVR 2.51)
- Diesel: MVR 13.92 → MVR 17.54 (+ MVR 3.62)
The company also reported a 27 percent rise in fuel sales volume compared to the previous quarter.
Looking ahead, STO noted that global market developments could affect fuel supply and pricing. The company said it is taking measures to manage potential risks and ensure operational continuity.
