Maldives’ largest public enterprise, State Trading Organisation (STO), has announced its third quarter financial results for 2025, showcasing consistent growth and robust financial performance that signals strong investor confidence and economic stability in the country an attractive narrative for global visitors and business interests alike.
During Q3 2025, STO generated a total revenue of MVR 3.84 billion, marking an 8% increase compared to the previous quarter. This increase was largely fueled by higher oil sales volumes, a key driver of STO’s business portfolio. Additionally, revenue from non-fuel segments also grew by 8%, reflecting diversification and healthy demand across multiple sectors of the company’s operations.
The organisation reported a net profit of MVR 604 million, up 5% quarter-on-quarter, supported by effective cost control strategies and improved operational efficiency. Operating expenses declined to MVR 358 million from MVR 367 million after the company reclassified certain sales, marketing, and lease-related expenditures. As a result, STO posted an operating profit of MVR 290 million, a 23% improvement from the previous quarter. Pre-tax profit stood at MVR 230 million, while after-tax profit rose by 14% to MVR 186 million, underlining the company’s consistent focus on sustainable and prudent financial management.
The company also continued strengthening its balance sheet through strategic asset restructuring. A key development was the sale of its under-construction hotel in Hulhumalé, which yielded USD 20 million in land consideration. This move contributed to a notable boost in investing activities, which recorded MVR 547 million, significantly enhancing STO’s liquidity position.
As of the end of Q3, STO maintained MVR 1.5 billion in working capital, with a current ratio of 1.22 and debt service coverage ratio of 1.21. Other key financial indicators also improved, including a debt-to-equity ratio of 1.47 and interest cover ratio of 3.24, affirming the company’s strong financial footing and its disciplined approach to capital structure and debt servicing.
Cash flow from operations remained positive at MVR 285 million, while total cash and cash equivalents stood at MVR 201 million after accounting for MVR 955 million in loan repayments, reflecting STO’s solid cash-generating capability even while meeting its financing obligations.
Looking forward, STO has reaffirmed its commitment to enhancing efficiency, streamlining operations, and driving performance across its business verticals. The organisation’s strategic vision for the remainder of 2025 centres on building long-term value through operational excellence, sound risk management, and responsible investment an approach that not only supports the Maldivian economy but also underscores the country’s stability and attractiveness to international tourists, investors, and development partners.
This steady financial progress by STO further reinforces Maldives’ reputation as a resilient and well-managed destination in the global landscape, offering both leisure and investment opportunities backed by strong national institutions.
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