We have published our 2026 2nd Quarter Report today. Our quarterly and annual reports are available in the Investors section of our corporate website.

Second Quarter Report 2026

We have published our 2026 2nd Quarter Report

We have hosted our Informal Shareholders Meeting at Hotel Jen, bringing together our leadership and valued investors for an open, collaborative dialogue. The highlight of the session was an engaging discussion on our EVOLVE2030 strategic roadmap, laying out the vision for STO's future growth and sustainability.

These gatherings are incredibly valuable to us, giving us a space to connect with our shareholders outside the formal structure of our regular AGMs. We deeply appreciate the continued trust and partnership as we shape the future of STO together.

STO connects with investors at Informal Shareholders Meeting 2026

The meeting brought together our public shareholders to discuss the company’s EVOLVE2030 strategic roadmap and future growth plans

We have officially opened the newly designed first floor of our flagship STO People’s Choice outlet in Malé. This major expansion marks a new chapter for the retail hub, significantly boosting the shopping experience for our customers.

The newly upgraded floor is now open to the public during standard showroom hours. Visitors can explore the comprehensive new product lines immediately.

STO opens new floor at People’s Choice Malé outlet

The new space features an expanded, curated layout for home decor and improvement essentials

We have officially marked a major milestone under our #EVOLVE2030 roadmap with the foundation concrete pouring ceremony for our upcoming new Multi-Story Warehouse in Hulhumalé.

This state-of-the-art facility is strategically engineered to enhance national supply chain logistics. Key features of the new multi-story warehouse include:

This project represents a significant step forward in our commitment to national development. By optimizing our storage infrastructure, we will directly lower operational costs and streamline supply chains. Ultimately, this ensures that essential goods reach every corner of the Maldives with greater efficiency.

STO lays foundation for a new multi-story warehouse in Hulhumalé

This major project will optimize our storage infrastructure, lower operational costs, and help ensure efficient distribution of essential goods across the Maldives

Allied Insurance Company of the Maldives was established in 1985 as a joint venture Company between State Trading Organization and Commercial Union Assurance Company of the United Kingdom. In its early years, State Trading Organization bought back the shares and the company continued operations with local ownership and management. Allied has had tremendous growth over the past years, both in terms of the volume of business and profitability.

The strength and success of Allied Insurance as the leading insurance company in Maldives is the result of their experience, innovative products and excellent service. Over the years, the company has successfully ventured into areas including general insurance, Islamic insurance and life insurance.

Allied Insurance has a local management and with its in-depth knowledge of the local market is well placed to serve the various type of risks in the Maldives. Many of the corporate businesses in Maldives are among their clients.

In the international reinsurance market, Allied Insurance is supported by the world leading reinsurers and Allied works in close partnership with these companies, in order to give more professional service to the Maldivian market. Allied's major reinsurers include the biggest names in the reinsurance world.

Allied Insurance is supported by the world leading reinsurers and Allied works in close partnership with these companies:

The local insurance market is in a process of rapid change and Allied has continuously met the growing needs of the market. As business activities expand and our customers venture into new areas, Allied supports them by providing protection to match their special needs.

Allied takes special interest in supporting investments made by individuals and small businesses regardless of the business sector.

As market leader, Allied assumes responsibility for healthy development of the Maldivian insurance market and will be at the forefront of all efforts to improve transparency and set new standards of service, for the benefit of the industry and the Maldivian economy as a whole.

Ibrahim Muavin

Hussain Luwaiz

Nasrath Mohamed

Ahmed Niushad

Aminath Niusha Khaleel

Easa Hamdhan Rasheed

Allied Insurance Company of the Maldives Pvt Ltd

Established on 18th December 2000, Fuel Supplies Maldives pvt ltd was founded as a subsidiary of STO to choose private companies to form partnerships in specialized lines of services. Innumerable opportunities thereby opened for private parties to take advantage of STO's vast experience, knowledge and influence as one of the oldest-established trading entities in the Maldives.

It was the need for a unique fuel distribution system that triggered the constitution of FSM. Hence, STO looked into the prospects of forming partnerships with the distributors then. STO invited most of the distributors for a screening process through which, Vara Maldives pvt ltd and Royal Enterprises pvt ltd were chosen.

It was envisioned that all three entities coming together had the potential to develop a powerful distribution network offering better rates than previously to the clients. Furthermore, the combination would expand the fleet of vessels that would shape the core function of the company. The venture would create incomparable competition among the service providers while challenging the quality of the service to be improved and would also set new trends for corporate businesses with a global view.

Ali Nabeeh

Fathimath Ashan

Mohamed Murad

Mohamed Shuaib Ahmed

Aiminath Shamrath

Ahmed Lifag Amir

Siyah Ahmed

Fuel Supplies Maldives Pvt Ltd

Established on 04 February 2020, Maldives State Shipping (MSS) is a new shipping and logistics company providing an extensive international liner shipping service. It was born to overcome the difficulties Maldivian traders and other businesses faced in the absence of a reliable national shipping line and to provide employment opportunities for Maldivians in an industry other than tourism. MSS aims to revolutionize the transport sector of the Maldives by delivering efficient transport solutions.

MSS is owned by State Trading Organization Plc (STO) which has been in operation for over 50 years, with many thriving subsidiaries, joint ventures and associates under its umbrella.

Abdul Wahid Moosa

Ahmed Shareef

Capt. Ahmed Shahid

Mariyam Nuzla

Ahmed Shifan

Aishath Shaheen

Hamdhana Abdul Rahman Hussain

Maldives State Shipping Company Pvt Ltd

In the natural gas distribution market, Maldive Gas delivers cooking gas to over 100,000 customers throughout the Maldives. The company supplies Liquefied Petroleum Gas (LPG) in 2kg, 5kg, 10kg, 22kg and 45kg cylinders with a wide range of appliances for domestic and industrial purposes.

Apart from LPG, Maldive Gas sells range of industrial gases including Kalton brand refrigerant gases, Industrial Oxygen, Industrial Nitrogen, Acetylene, Argon, Helium, Carbon dioxide and Nitrous Oxide.

As the sole supplier of Medical gas, the company splendidly supplies to medical centers situated tactically in the Maldives. The company has an Oxygen plant in Indira Gandhi Memorial Hospital and Kulhudhuffushi Regional Hospital and is looking eagerly to expand the service.

The company has productively established a large network of authorized agents throughout the Maldives to supply LPG and other products to atoll population.

As a subsidiary of State Trading Organization plc, the Maldives Gas company has emerged as the market leader in LPG and Industrial gas supply.

Mohamed Eman

Abdullah Mohamed

Abdulla Saleem Abdul Sattar

Aminath Juwaidha

Mohamed Husham

Fathmath Fazath

Mohamed Anwar Moosa

Maldive Gas Pvt Ltd

The Maldives National Oil Company ltd (MNOC) was incorporated by the Government of the Republic of Maldives to complement the Government's effort to diversify the national economy and thereby generate employment and foreign income through oil and gas exploration and production in the territory of the Maldives and abroad.

MNOC is directly responsible for the development of oil and gas industry processes in the Maldives and overseas. This responsibility encompasses exploration and drilling for oil, natural gas, hydrocarbons and related minerals. MNOC is also entrusted to oversee the production, refining and transport of the aforementioned substances and any of their derivatives or by-products.

The principal activities of the company includes making necessary preparations such as seismic survey agreements with foreign oil and gas exploration companies to commence the third round of oil and gas exploration in the Maldives. The company in the oil and gas sector by sponsoring Maldivians to study and gain experience in the oil and gas industry abroad.

MNOC is also involved in the sourcing of crude oil from crude oil producing countries, for the purpose of refining and processing at the Ceylon Petroleum Corporation (Ceypetco) refinery center in the world. The crude oil refining and processing agreement between MNOC and Ceypetco was negotiated in the year 2003. According to the agreement, the refined petroleum products will be used for consumption in the Maldives.

Shimad Ibrahim

Mohamed Nizam

Maldives National Oil Company Ltd

STO as a national leader in all of its key businesses, is looking to play a pivotal role in expanding homegrown businesses to the region and beyond.

Early in 1997, STO set its plans for international expansion in motion by opening the STO Maldives (Singapore) Private Limited in Singapore. 100% owned by the STO, the company will look beyond the Maldivian horizons, exploring the possibilities of sourcing goods in one's country and exporting them to another.

With the parent company's experience in international trading, optimism is high that the explorations will yield high success.

The STO Maldives in Singapore will also perform the dual role of acting as the co-ordinating office for foreign investors interested in forming a partnership with the STO for joint ventures in the Maldives.

The Maldives is in the throes of development - sustainable growth has been continuous in the past decade. Rapid steps forward have been made in infrastructure, telecommunications and transport. The people of the nation have been experiencing the advantages and reaping the benefits.

Maldives is posed on the threshold of the new millennium, looking forward to it with vigor and enthusiasm. Emboldened with successes of the past and empowered by hope for the future, the Maldives is optimistic in making further strides towards socio-economic development of the country.

In a setting as dynamic as this, STO is looking to build on its experience and strength to serve the country better in the future. The company is ready and geared to make optimum use of the opportunities on offer - STO is the legal choice and the ideal partner for any joint venture activity into the country.

STO, which has taken the lead and kept pace, is looking to play a vital and pivotal role in the nation's development.

Goh Kim Peng

STO Maldives (Singapore) Pte Ltd

STO Hotels and Resorts was incorporated as a Special Purpose Entity (SPE) in 2011 as STO ventured into the tourism sector. Difficulties in obtaining foreign currency and overreliance on petroleum trade were two fundamental threats identified to STO’s growth and sustainability. Diversifying into the tourism sector was the company’s first strategic move to mitigate these threats. The first initiative of the new company was the acquisition and development of Fuvahmulah Airport.

Mohamed Ihsan Waheed

STO Hotels & Resorts Pvt Ltd

Maldives Structural Products pvt ltd (MSP) is a joint venture company of State Trading Organization plc and Rainbow Enterprises pvt ltd, formed with the main objective of producing steel roofing products and related accessories and supply to the Maldives market at an affordable price. The Company is constantly working to reduce costs wherever possible, without compromising the quality, so that the consumers will get the best value for money. The raw materials used are Australian made BlueScope Steel Colorbond® and BlueScope Steel Zincalume® steel which are considered to be one of the best and hence MSP's roofing products are of world-class quality. For G.I roofing sheets Blue Scope Steel's Zinc-Hi-Ten® material is used.

Presently MSP rollforms two profiles of roofing sheets. They are MSP-SEADEK® and MSP-WAVEDEK®. MSP also supplies various roofing accessories such as gutters, cappings, flashings etc. At present, the two profiles widely marketed in Maldives are accepted by everyone as quality and affordable products. Some advantages of using MSP's roofing sheets are fast delivery time as well as the possibility of getting customized lengths, which will avoid unnecessary lapping and therefore reduce cost.

Ibrahim Rafeeq

Hawwa Zahira Saeed

Ibrahim Mirzaq

Abdul Majeed Mohamed

Mazin Ibrahim Rafeeq

Maldives Structural Products Pvt Ltd

With the rapid development of tourism in the country, the Government of Maldives embarked on the development of harbors, airports, housing and other infrastructure. The tourism industry continued to grow with local and foreign investment and large projects began to get off the ground. All these projects escalated the price of cement in the Maldives and led to the partnership between STO and Marine Cement Limited (a Swiss-based cement company owned by Lafarge of France and Blue Circle of United Kingdom) to form Maldives Island Marine Cement pvt ltd. The company was renamed Lafarge Maldives Cement pvt ltd in 2011, and with the 2020 acquisition of all foreign-held shares of the company by Raysut Cement Company of Oman, it was renamed Raysut Maldives Cement pvt ltd on 12th August 2020.

The company's silo terminal located in the booming industrial island of Thilafushi just 6km away from Malé City has the ability to unload cement from oceangoing bulk cement tankers from its dedicated mooring site. The fully enclosed unloading operation through two floating pipelines into three silos takes place in all weather conditions at an average rate of 220 mt/hr. The terminal has a total storage capacity of 5400mt in its three silos leading to a single in-line packing machine with a packing capacity of 30-50 mt/hr. An enclosed belt conveyor system conveys cement bags to a barge loading platform where local barges and dhonis of various configurations can be loaded for transporting cement throughout the country.

The plant is also capable of lading to lorries for inland transport of cement in bags and jumbo bags. The terminal infrastructure includes cranes, independent power supply, fuel and water storage, work and repair facilities, empty bag and spare parts stores, office and staff accommodation.

Distribution to 5 outlaying atolls is carried out by STO, the company’s local partner and main sales agent. With the intention of providing cement to the remaining atolls with similar convenience and affordability, the company started appointing atoll distributors in 2002.

Over time, the company has introduced new products to the Maldivian cement market, first of which being the 1000kg jumbo bag. It is widely adopted by contractors of large projects. A smaller 25kg bag was launched in 2002 targeted to customers acquiring cement for transportation to distant islands where a lot of handling is required.

The wide acceptance and successful integration of the brand in the construction industry of Maldives has netted significant market share. The company was among the first to be certified for ISO 9001:2000 in the country.

Mohamed Hassaan Naseem

Raysut Maldives Cement Pvt Ltd

The Maldives Industrial Development Free Zone (MIDFZ) is a state enterprise, jointly owned by STO and four other SOEs. MIDFZ aims to drive economic diversification and ensure economic security by engaging in transshipment, manufacturing, and re-exporting businesses. The Maldives Economic Gateway (MEG) Project steered by MIDFZ encompasses several plans, one of which is to import goods exceeding domestic needs and re-export them to other nations, generating substantial revenue for the Maldives. MIDFZ has already begun offshore bunkering services out of Ihavandhippolhu atoll, as a precursor to the development of onshore service infrastructure in the region.

Other potential sites for the company’s operations include Thilafushi and Giraavaru Falhu, with additional land from Uthuru Thila Falhu (UTF) allocated for food production and investment attraction.

MIDFZ represents a significant step towards enhancing the Maldives' economic landscape through strategic infrastructure development and international trade.

State Trading Organization

Enriching Lives

Second Quarter Report 2026

STO connects with investors at Informal Shareholders Meeting 2026

STO opens new floor at People’s Choice Malé outlet

STO lays foundation for a new multi-story warehouse in Hulhumalé

Second Quarter Report 2026

STO connects with investors at Informal Shareholders Meeting 2026

STO opens new floor at People’s Choice Malé outlet

STO lays foundation for a new multi-story warehouse in Hulhumalé

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Second Quarter Report 2026

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