The State Trading Organization (STO) exceeded individual earnings in all quarters of 2023, reporting a first quarter (Q1) revenue of MVR 4.49 billion in 2024, according to the ‘Q1-2024 Quarterly Report’ published by the state owned enterprise (SOE) on Tuesday.

The company’s 2024 Q1 operating profit stood at MVR 308 Million; up nearly MVR 50 million, from MVR 259 million in fourth quarter (Q4) 2023.

Net profit in Q1 was MVR 195 Million, STO said, up MVR 12 million, from MVR 183 million in Q4 2023.

Other highlights from Q1 were board approvals for;

  • Acquisition of 12 percent shares in Maldives Industrial Development Free Zone PLC
  • Approval to sign a term sheet with Vitol Asia to establish an International Bunkering Hub in Ihavandhippolhu Atoll — Vitol is the largest physical bunker supplier in the Middle East and one of Singapore’s largest suppliers of bio-marine fuel
  • Relocation of the Fuel Terminal at K. Funadhoo to Maagiri Lagoon

STO is majority owned by the Maldives government, which holds an 82 percent share, with the remaining minority 18 percent held by the public.