State Trading Organization (STO)  is aiming to achieve a net profit of MVR 1 billion by 2030, CEO and Managing Director Shimad Ibrahim said at the company’s Annual General Meeting.

Outlining STO’s five-year vision, Shimad said the target could potentially be reached earlier if the company maintains its current pace of growth.

He said STO plans to expand revenue from new business ventures by five percent annually over the next five years as part of its strategy to reach the milestone.

According to Shimad, the company’s focus is on increasing sales volume and overall profitability rather than raising profit margins. He added that STO also intends to maintain a return on equity of at least 15 percent in order to maximize shareholder value.

The company is additionally targeting a 98 percent availability rate for essential goods across the Maldives by 2030.

The STO Group recorded revenue of MVR 16.7 billion last year, while STO alone generated MVR 15.5 billion in revenue.

The group reported profits of MVR 785 million, with STO itself posting profits of MVR 763 million.

STO also approved a dividend payout of MVR 85 per share this year, the highest in the company’s recent history.