The State Trading Organization (STO) has reported a strong fourth-quarter performance, with net profit surging from MVR 156 million in Q3 to MVR 218 million, reflecting a 39.7 per cent increase. The company also saw a quarterly revenue boost, signalling a positive trend in the final months of 2024.

However, despite a strong fourth quarter, STO’s full-year performance for 2024 showed a decline, with annual revenue falling by 6.1 per cent, from MVR 16.4 billion in 2023 to MVR 15.4 billion in 2024. Net profit also dropped by 12.35 per cent, decreasing from MVR 818 million to MVR 717 million. The decline in profit is primarily attributed to lower revenue, as operating costs—excluding administrative costs—decreased, and operating income saw an increase.

The company reported that the revenue decline was primarily due to falling global oil prices, which contribute to 73 per cent of its total revenue.

Beyond financial performance, STO undertook major strategic initiatives in the final quarter of the year. In a significant shift, the company discontinued its plans to acquire shares in Fenaka Corporation following a directive from the Ministry of Finance and Planning on November 24, 2024. 

STO also expanded its presence in the healthcare sector by partnering with AstraZeneca to introduce Symbicort Turbuhaler and Pulmicort Respules, two groundbreaking respiratory health products, to the Maldivian market.

Demonstrating its continued commitment to community development, the company provided major sponsorships to support national infrastructure projects. This included a contribution of MVR 311,911 for the renovation of the Dharubaaruge parking area and MVR 1.52 million to assist the Ministry of Housing, Land, and Urban Development following a fire incident.