STO approves MVR 80 dividend per share despite profit decline

State Trading Organization (STO) has approved a dividend payout of MVR 80 per share for 2024, matching last year’s distribution despite a drop in profits.

The decision was endorsed by 99 percent of the 129 shareholders who voted at the company’s annual general meeting, held last night at Barcelo Nasandhura.

STO reported a net profit of MVR 741 million for the year, a 10 percent decrease from MVR 812 million in 2023.

Total revenue for 2024 stood at MVR 15 billion, which is MVR 1 billion less than the previous year marking a 7 percent decline.

Despite reduced profits, shareholder earnings remained steady.

STO Managing Director Shimad Ibrahim said that the decline in profits was due to the impact of lower fuel prices.

Audit firm Deloitte was appointed as STO’s external auditor for 2024 and will be paid USD 67,500 (approximately MVR 1 million).