The State Trading Organization (STO) has announced that its shareholders approved a dividend of MVR 80 per share for the year 2024.
The decision was announced at STO’s Annual General Meeting held on Saturday evening, held at Barcelo Nasandhura. The dividend from the retained profits for last year is the same as the year before, in 2023 – which is also the highest dividend payout of the company in 17 years.
The dividend was approved by 99 percent of the shareholders at Saturday’s AGM. STO confirmed 229 shareholders took part in the AGM, which included 162 shareholders and 67 proxies.
STO reported a gross profit of MVR 583 million in the first quarter of 2025, which is an MVR 617 million decline from the corresponding quarter last year. The enterprise reports this decline is attributed to the reduction in the fuel retail prices but confirmed sustained activities in key businesses.
The company also reported an operating profit of MVR 263 million for the first quarter, which is a decline from the MVR 308 million in the corresponding quarter last year and MVR 300 million from the previous quarter.