Mon, 12 Oct 2026, 08:42 pm

ދިވެހި

ދިވެހިއަށް ބަދަލުކުރޭ

Business

STO third-quarter revenue at USD 3.6 billion, net profit at MVR 156 million

Oct 31, 2024, 5:21 AM

The State Trading Organization (STO) reported a revenue of MVR 3.6 billion in the third quarter of this year.

The third quarter figures were released on the company’s website on Wednesday. The revenue of MVR 3.6 billion is an increase of three percent compared to the second quarter.

STO said the increase in revenue was due to improved business. Total profit was up 15 percent from the second quarter to MVR 592 million.

Despite the increase in expenses, the company's total profit increased to MVR 251 million due to a higher total revenue.

The company posted a net profit of MVR 198 million before tax and MVR 156 million after tax.

STO

Comments

Maldives faces cement shortage

Mar 24

STO increases petrol and diesel prices

Mar 5

Maldive Gas controls sale of gas cylinders due to low stock

Feb 7

STO earned MVR 15.5 billion in revenue in 2025

Jan 31

Latest News

EyeCare offers 20 percent discount to mark World Sight Day

To celebrate World Sight Day, EyeCare is offering a 20 percent discount on selected frames with the purchase of prescription lenses through October. Available at all outlets, the promotion aligns with the "Love Your Eyes" theme to encourage eye health. Professionals are on hand to help customers choose the best options for their lifestyle.

Dhiraagu Maldives Junior Open to begin on December 13

Registration is open for the Dhiraagu Maldives Junior Open 2026, a badminton tournament running from December 13 to 19 in Malé. The event features various youth age groups and a Para category to foster local and international talent. Interested players must register by November 25 to compete in this endorsed sporting event.

MTCC has 6700 employees, most positions are contract-based

MTCC reports a workforce of 6,700 employees, with only 2,500 being permanent staff. Following a merger with the Road Development Corporation, the company’s headcount will grow by over 4,000, establishing a presence on every inhabited island. This expansion comes amid criticism over rapid hiring practices within state-owned enterprises.

Moody’s upgrades Maldives credit rating to Caa1

Moody’s has upgraded the Maldives' credit rating from Caa2 to Caa1 with a stable outlook, citing a reduced risk of default after successful debt payments. While the upgrade restores the rating to previous levels, the agency warns of a rising budget deficit and a high debt-to-GDP ratio that remains above 100 percent.

Board appointed for new Awqaf Investment company

The Maldives has formed the board for Maldives Awqaf Investment, a new state-owned enterprise led by Chairperson Izzuddin Adnan. The company will manage mosque construction, renovations, and waqf property development through Shari’ah-compliant activities. It holds an authorized capital of MVR 100 million to ensure project sustainability.

Government revenue exceeds MVR 30 billion

The Maldivian government’s revenue surpassed MVR 30 billion, marking a slight increase over last year despite a slowdown in tourism-related tax growth. While tax revenue rose to MVR 23.8 billion, non-tax revenue saw a decline. Economic experts link the stagnation to a cooling tourism sector, which may impact year-end budgetary targets.

TGST declines due to low tourist arrivals

Maldives' state revenue is declining as Tourism Goods and Services Tax collections fell by MVR 110.5 million due to a drop in visitor arrivals. Disruptions in Middle Eastern air travel have slowed tourism momentum since the second quarter. It is now unlikely the country will meet its annual target of 2.4 million tourists.

Get the latest news delivered straight to your inbox