STO to propose MVR 80 per share as dividend

State Trading Organisation (STO) has announced the decision to propose a dividend of MVR 80 per share for 2023 at its Annual General Meeting (AGM).

The state owned enterprise will finalise the decision once it is approved at the AGM, which is scheduled to be held next month.

STO's revenue last year was at MVR 17 billion, which is MVR 2 billion less than that of 2022. That year, the bank's revenue was at MVR 19 billion.

Despite the drop in revenue, its net profit increased by MVR 90 million, reaching MVR 818 million. This increase is attributed to lowered expenses.

STO was established in 1964 by the Maldivian government as a fully state-funded business with the mission of strengthening national food security.