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.
Key milestones
1964 - Established as Athireemaafannu Trading Account (ATA)
1979 - Renamed to State Trading Organization (STO)
1983 - STO Electronics showroom opened
1983 - First Board appointed
1985 - Allied Insurance Company of the Maldives established
1989 - Celebrated Silver Jubilee of STO
1993 - First 'Easy Fill' station opened
1995 - STO Home Improvement showroom opened
1997 - STO Maldives (Singapore) formed
1998 - Changed name to State Trading Organization Limited
1999 - Formed Maldive Gas
2000 - Formed Maldives Structural Products
2001 - Formed Fuel Supplies Maldives
2001 - Become a listed company and went public
2003 - Maldives National Oil Company formed
2009 - Issued shares to public
2011 - Invested in Addu International Airport
2011 - STO Wholesale Center opened
2015 - All Island Pharmacy Project completed
2015 - Celebrated Golden Jubilee
2016 - Accepted Maldives Industrial Fisheries Company to STO Group
2020 - Established prenatal & newborn screening in Maldives with IGMH
2020 - Transferred STO's shares in Addu International Airport to GoM
2020 - Maldives State Shipping formed
2020 - eSTOre launched
2021 - Introduced STO Agents
2022 - Established the first fuel testing laboratory in Maldives
2022 – Introduced hypermarket concept in Maldives with new showroom
2022 - Makita Showroom opened
2022 - Supplied ready-mix concrete to Thilamalé Bridge Project
2022 - Started training Radiographers locally with GE Healthcare
2023 - Opened the first cashier-less smart store in Maldives
2023 - Started drone delivery service for Maldives Health Line
2024 - Maldives Industrial Development Free Zone established
2024 - International bunkering service established in Ihavandhippolhu
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.
