Brief Overview of Our Journey
A story of growth and innovation
The early days
State Trading Organization (STO) was established in 1964 by the Maldivian government as a fully state-funded business with one key mission: strengthening national food security. The main task of the company, then named Athireemaafannu Trading Account (ATA), was to purchase and import essential food items in bulk to be distributed nationally via local traders and ATA’s own outlets at low markup. ATA also imported supplies for the state.
ATA was renamed State Trading Organization in 1979, and soon “STO” became a household name throughout the Maldives. The nation was growing and so were its demands. While remaining true to its original mission, STO expanded its imports, starting with basic consumer goods, and then on to building materials, home appliances and supermarket products.
The organization today
Around the time of STO’s establishment, the Maldivian economy started to pick up speed fueled by increasing commercial activity in fisheries, agriculture, tourism, and construction industries. STO responded by looking beyond its traditional role of state trader. It began to enterprise, looking to earn foreign exchange and broaden the nation’s revenue streams.
Today, STO group with its partners, is a national leader in business with significant, diversified interests in petroleum, cooking gas, building material, healthcare, consumer electronics, supermarket products, insurance, shipping, and bunkering. The company is geographically diverse with operations and developments throughout the Maldives and operations in Singapore.
Purpose Statement
To enrich lives by delivering essential products and services with excellence, driving sustainable growth, and pioneering innovations that benefit our community and beyond. We are committed to advancing economic development and ensuring a more prosperous future for everyone.
Strategy
At State Trading Organization (STO), our strategy is centered on sustainable growth, improve our core businesses and explore and invest in potential sectors. We aim to solidify our position as a leader in essential sectors, including fuel, construction, and healthcare, while expanding into emerging markets like renewable energy and digital solutions.
We are committed to
Sustainability
We actively explore renewable energy solutions and prioritize eco-friendly business practices to contribute to a greener future.
Operational Excellence
We focus on enhancing our supply chain, improving infrastructure, and utilizing digitalization and automation to drive efficiency across all our operations.
Customer-Centric Growth
STO is dedicated to enriching lives by ensuring nationwide accessibility to our products and services and enhancing the customer experience through innovation and strategic partnerships
Investing in People
We believe our employees are our most valuable asset, and we prioritize their development and retention by fostering a high-performance culture.
Exploring New Opportunities
We continuously seek to invest in potential businesses and sectors, including healthcare, energy, and international markets, to maximize shareholder value and drive national economic growth
Through these strategic pillars, STO is poised to continue leading while driving sustainable, long-term value for both our stakeholders and the nation.
Our Values
Think big
Determined to deliver
Tech driven
Unified to make an impact
Do things right
Vision
Enriching lives.
Mission
Expand through sustainable business practices, achieve customer excellence and encourage community engagement.
Our team
Our success is attributed to the unwavering dedication of our exceptional team.
Key Milestones
Established as Athireemaafannu Trading Account (ATA)
Renamed to State Trading Organization (STO)
STO Electronics showroom opened
First Board appointed
Allied Insurance Company of the Maldives established
Celebrated Silver Jubilee of STO
First 'Easy Fill' station opened
STO Home Improvement showroom opened
STO Maldives (Singapore) formed
Changed name to State Trading Organization Limited
Formed Maldive Gas
Formed Maldives Structural Products
Formed Fuel Supplies Maldives
Become a listed company and went public
Maldives National Oil Company formed
Issued shares to public
Invested in Addu International Airport
STO Wholesale Center opened
Addu Call Center established
All Island Pharmacy Project completed
Celebrated Golden Jubilee
Accepted Maldives Industrial Fisheries Company to STO Group
Acquired medium range oil tanker 'Alimas' to support fuel imports
Established prenatal & newborn screening in Maldives with IGMH
Transferred STO's shares in Addu International Airport to GoM
Maldives State Shipping formed
eSTOre launched
Introduced STO Agents
Established the first fuel testing laboratory in Maldives
Introduced hypermarket concept in Maldives with new showroom
Makita Showroom opened
Supplied ready-mix concrete to Thilamalé Bridge Project
Started training Radiographers locally with GE Healthcare
Opened the first cashier-less smart store in Maldives
Started drone delivery service for Maldives Health Line
Inaugurated international marine bunkering at Ihavandhippolhu
Nationwide fuel skid project launched
Added 23 items to "basic staples" to enhance food security
Acquired 25000MT oil tanker 'Neon' to strengthen fuel imports
Our Presence
We are proud to serve the Maldivian community through our locations across the country. Our presence is a testament to our commitment to delivering essential products and services to every corner of the nation.