State Trading Organisation (STO) has approved the distribution of MVR 65 per share as the dividend for the year 2021.
At the annual general meeting (AGM) held at CROSSROADS Maldives, shareholders of STO approved the distribution of dividends. The amount is an increase of MVR 5 compared to the distribution of MVR 60 per share as dividend for 2020. The shareholders also approved PricewaterhouseCoopers (PwC) to audit STO and elected Abdulla Saeed to represent them at the Board of Directors.
STO stated the AGM saw the highest number of participants with 782 shareholders attending the event, with 157 shareholders attending in person, 686 participating via proxy, and some attending the event online.
STO recorded an income of MVR 11.24 billion in 2021 which is an increase of 32% compared to the previous year. STO also earned MVR 487 million as profit after tax last year which is an increase of 35% compared to previous year.
The notable growth in revenue was achieved mainly from fuel, as revenue for fuel increased by 63% compared to the previous year. Apart from the increase in fuel prices caused due to the increase in the purchase price, significant growth was achieved from the increase in the quantity sold as tourism started bouncing back.