State Trading Organization (STO) on Friday evening, July 12, held the state-owned enterprise’s Annual General Meeting of 2023.
At the AGM, shareholders approved a record high dividend of MVR 80 per share, making it the highest payout in the past 17 years.
The AGM was attended by STO Board’s Chairman Amir Mansoor, Managing Director Shimad Ibrahim along with other senior officials of the company and shareholders. A total of 189 participants, representing 120 shareholders in person and 69 shareholders as proxy participated in the AGM.
While highlighting the performances of STO, Shimad noted on the company’s achievements and strategic goals.
During the AGM, the shareholders approved the Directors’ Report and Financials for the Year 2023. Additionally, Deloitte was appointed as the External Auditors for 2024 while Mohamed Ahmed Saleem was re-elected to represent the public shareholders on the STO board.
STO recorded a revenue of MVR 16.4 billion in 2023, which is a decline of MVR 1.84 billion. The company generated a profit after tax MVR 818 million, which is an MVR 90 million increment. STO also reported an operating profit of MVR 1.28 billion.
STO Group, collective of its subsidiaries, recorded a revenue of MVR 17.97 billion, which is a drop of MVR 1.99 billion compared to 2022 earnings. The group however, recorded a profit after tax of MVR 1.09 billion, which is an increment of MVR 14 million.