STO shareholders to receive MVR 65 per share as dividend

State Trading Organization (STO)’s shareholders have approved a dividend per share of MVR 65.

The dividend was approved with a majority vote of 99.9 percent of shareholders who attended STO’s Annual General Meeting held at CROSSROADS Maldives on Monday evening.

728 shareholders attended the AGM in-person, while 686 attended via proxy. They hold 84 percent of the shares of the organization.

At the AGM, shareholders re-elected members of the organization’s board who represent the government for another term. Abdulla Saeed was elected as the member of the board who represent ordinary shareholders with 59.2 percent of votes. His closest rival, Aminath Rushma received 40.8 percent of votes.

STO generated a revenue of MVR 10.2 billion in 2021 – a 41 percent increase compared to 2020. The organization generated a profit before tax of MVR 1.5 billion - a 15 percent increase compared to 2020.

Meanwhile, STO Group generated a revenue of MVR 11.2 billion – a 37 percent increase compared to 2020. The STO Group posted a profit before tax of MVR 1.9 billion, and a profit after tax of MVR 186 million – a 47 percent increase compared to 2020.