STO reports MVR 3.8B total revenue and MVR 186M net profit in Q3

The government-owned trading company, State Trading Organization (STO), reported total revenue of MVR 3.8 billion and a net profit of MVR 186 million for the third quarter of this year.

According to the quarterly report published by the company on Thursday, STO’s total revenue of MVR 3.8 billion in the third quarter represents an eight percent increase compared to the second quarter.

STO attributed the increase to growth across its core business segments, with fuel as the primary contributor with higher fuel sales during this period.

The company reported a gross profit of MVR 604 million in the third quarter, representing a give percent increase compared to the second quarter which was attributed higher sales indicating greater operational efficiency.

STO reduced its operating expenses in the third quarter to MVR 358 million, down from MVR 376 million in the second quarter, through the continued implementation of disciplined cost management practices, with a particular focus on procurement, logistics, and digital process optimization despite reclassification of selling and marketing expenses to administrative and finance costs.

The company reported a working capital of MVR 1.5 billion, with a current ratio of 1.22 and an improved debt service cover ratio of 1.21. STO said the ratios underscore the company’s enhanced liquidity, balanced debt profile, and continued commitment to financial discipline.