State Trading Organisation (STO) posted a net profit of USD 18.2 million in the second quarter of 2026, marking a 71 percent increase compared with the same period last year, according to the company's latest financial report.

The report shows STO generated USD 452.7 million in revenue during the second quarter, up 27 percent from the USD 355.4 million recorded in the first quarter of the year.

Profit before tax reached USD 21.7 million, representing a modest 1.4 percent increase from the USD 21.4 million reported in the previous quarter.

Net profit after tax also rose slightly, increasing 1.2 percent from USD 17.9 million in the first quarter to USD 18.2 million.

STO attributed the sharp rise in revenue to higher global oil prices, which increased during the quarter amid ongoing tensions in the Middle East.

Despite higher fuel prices in international markets, the company said it worked with the government to maintain relatively stable fuel prices in the Maldives.

While this approach reduced profit margins from fuel sales, it helped shield consumers from the full impact of rising global prices.

The company noted that lower returns from its fuel business were offset by stronger earnings from its other commercial operations, helping sustain overall profitability during the quarter.

The latest results reflect STO's ability to maintain earnings growth despite volatility in global energy markets, with diversified business activities continuing to support the company's overall financial performance.