State Trading Organization (STO) has reported a net profit after tax of MVR 163 million for the second quarter of 2025, a 10 per cent increase compared with the same period last year.
The results, published on the company’s website on Wednesday, show net profit before tax stood at MVR 198 million. After tax, net profit rose from MVR 147.9 million in the second quarter of 2024.
While year-on-year profit improved, net profit fell three per cent compared to the first quarter of this year. STO also recorded a total revenue of MVR 3.6 billion for the quarter, up 10 per cent from last year but 12 per cent lower than first-quarter revenue.
The company attributed the quarterly revenue drop primarily to changes in global oil prices and a decline in oil demand. The report noted a reduction in jet fuel demand, though diesel sales rose due to lower diesel prices.
Revenue from non-oil businesses increased by six per cent during the second quarter, STO said.