State Trading Organization’s (STO) board of directors has announced a dividend of MVR 77 per share.
The board decided with the dividend based on the company’s profitable performance in 2022. The approved dividend is MVR 12 per share higher than the dividend distributed in 2021.
During the Annual General Meeting held at Central Park, STO board endorsed the appointment of Mohamed Ahsan Saleem as a new board director, representing general shareholders.
STO appointed PriceWaterhouseCoopers (PwC) as their official auditor for the 2023 fiscal year.
STO reported a gross revenue of MVR 18.2 billion in 2022, a significant bump from the MVR 10.2 billion earned in 2021. The company’s profit expanded, reaching MVR 2 billion compared to the MVR 1.5 billion in 2021.
The largest state-owned enterprise (SOE) retained a net profit of MVR 742 million, marking a 52% growth compared to 2021.