State Trading Organisation's (STO) board has decided to distribute profits to shareholders for MVR 77 per share, which is an increase of MVR 12 per share compared to last year.
STO, the leading business in Maldives, recorded earnings of MVR 18.2 billion (USD 1.185 billion) last year, with a profit of MVR 742 million (USD 48 million), an increase of 80 percent from 2021.
The board's decision will be proposed at the company's Annual General Meeting (AGM) and will be implemented after approval.
Despite STO earning billions in revenue in past years, their profits have generally remained below MVR 500 million, making 2022 the first year the company earned such a large profit in its history.
STO attributes the significant increase in their profit margin to their subsidiary companies such as their oil, construction, and shipping companies, which has seen an increase in both their income and market shares. In addition to these avenues, STO also generates income from trade, gas, fishing, and insurance.
Last year, the highest trading value of STO's shares was MVR 1,450 per share, while the lowest trading value was MVR 580 per share.
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