State company
State Trading Organisation (STO)
In the news, last 90 days
Economy
Minister Saeed outlines measures to curb price hikes and ease...
Minister of Economic Development, Transport and Trade Mohamed Saeed, responding to a no-confidence motion in Parliament, outlined measures to curb price hikes, including expanding the essential goods list from 26 to 80 items and widening STO-price retail access across islands. He said the Maldives Bureau of Statistics had published an Essential Commodities Price Index and pointed to the proposed budget as showing eased food price inflation this year.
Economy
STO posts MVR 281m net profit in third quarter
State Trading Organisation (STO) reported a net profit of MVR 281 million for the third quarter of 2026, compared with MVR 186 million in the same period a year earlier. Revenue fell 7 percent quarter-on-quarter to MVR 6.48 billion, mainly due to lower global oil prices, while operating profit rose 23 percent to MVR 400 million.
Economy
Addu Airport Company's losses climb to MVR 817 million
Addu International Airport Company, which operates Gan International Airport, reported total accumulated losses of MVR 817 million, with a loss of MVR 68 million in the past year. Despite revenue nearly tripling to MVR 94 million, operating costs more than doubled to MVR 112 million, and the company's net worth fell to negative MVR 58 million, funded by interest-free loans from shareholders and owing large sums to the Finance Ministry and state entities.
International
Maldives and Pakistan Strengthen Bilateral Ties with 20 New Agreements
The Maldives and Pakistan exchanged 20 Memorandums of Understanding covering defence, trade, healthcare, education, fisheries, tourism and other areas during President Dr Mohamed Muizzu's state visit to Islamabad. Pakistani Prime Minister Shehbaz Sharif set a target of raising annual bilateral trade from $13.9 million to $200 million over the next two years.
International · Press release
President witnesses exchange of key MoUs between the Maldives and Pakistan
President Dr Mohamed Muizzu and Pakistani Prime Minister Muhammad Shehbaz Sharif witnessed the exchange of 20 Memoranda of Understanding between the two governments, covering areas including IT and cyber security, narcotics control, health, defence, maritime security, agriculture, fisheries, education, tourism, culture, civil service, trade and environment.
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