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STO to distribute dividends at MVR 77 per share

Rabeeha Amir
05 June 2023, MVT 22:03
The Directors Board at STO's annual general meeting -- Photo: Nishan Ali
Rabeeha Amir
05 June 2023, MVT 22:03

State Trading Organisation's (STO) board has approved to distribute dividends to shareholders at MVR 77 per share, which is an increase of MVR 12 per share compared to last year.

The decision was supported by 99 percent of the votes from over 300 shareholders present at the company's annual general meeting held in Hulhumalé Central Park on May 30.

STO, a leading business entity in the Maldives, achieved remarkable financial results in the previous year. They announced earnings of MVR 18.2 billion (USD 1.185 billion), accompanied by a profit of MVR 742 million (USD 48 million). These figures represent a 80 percent growth compared to the previous year's performance in 2021.

STO attributes this substantial profit increase to the success of their subsidiary companies, including their oil, construction, and shipping divisions, which experienced both income and market share growth. Alongside these sectors, STO generates revenue through various avenues such as trade, gas, fishing, and insurance.

Notably, STO's shares reached a peak trading value of MVR 1,450 per share, while the lowest trading value stood at MVR 580 per share throughout the year.

PriceWaterhouseCoopers was selected to continue its role as the external auditor for STO, a position they have held for the past three years. The auditing services will be provided at a cost of USD 63,800 (MVR 983,796).

Additionally, Mohamed Ahusan has been appointed as the representative for general shareholders to ensure their active participation and representation in the decision-making processes of STO.

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