STO quarterly results show MVR 276m net profit as bunkering operations continue to expand

STO posted a net profit of MVR 276 million in the first quarter of this year, supported by strong revenue growth driven largely by fuel and bunkering operations.

The company’s revenue for Q1 2026 reached MVR 5.49 billion, a 33 percent increase compared to the same quarter last year, when revenue stood at MVR 4.14 billion. This also reflects a significant rise from the previous quarter.

More STO statistics:  

• Operating profit: MVR 368 million; STO posted MVR 322 million in the last quarter of 2025, an increase of 14 percent.  

• Net profit: MVR 276 million; STO posted MVR 244 million in the last quarter of 2025, an increase of 13 percent.

Earnings per share for the quarter stood at MVR 245. (Dividend remains MVR 80 per share as approved at the last AGM.)

We’ve published our 2026 1st Quarterly Report.

Full report at: https://t.co/5ygDGNwRX4 pic.twitter.com/4uAK8YoBp8

— STO (@stoplc) April 22, 2026

STO said the company’s fuel sales increased by 27 percent during the quarter due to price volatility linked to the Middle East conflict. Bunkering services recorded an additional 18 million litres in sales, contributing significantly to revenue growth.

Gross profit for the quarter stood at MVR 785 million.

It is noteworthy that the bunkering services launched by this government have generated MVR 730 million as of March, Economic Minister Mohamed Saeed said on the 8th of this month. The project was launched in September 2024 with an estimated annual revenue potential of USD 400 million. STO provides bunkering services in collaboration with Vitol of the Netherlands.

Saeed has repeatedly stated that the bunkering service would generate substantial income, though some individuals, including former President Abdulla Yameen Abdul Qayoom, have criticised the projections. In September 2024, Yameen dismissed the claim that the project would generate nothing more than “small pieces of metal,” arguing that bunkering was a USD 5 million investment and would not yield USD 400 million.