State Trading Organization (STO), the Maldives’ largest state-owned enterprise, has announced a dividend of MVR 80 per share from last year’s profits—matching 2023’s figure and marking the highest payout in the past 11 years.
The decision was overwhelmingly approved with 99.9% shareholder support at the company’s Annual General Meeting held Saturday night at Nasandhura Palace Hotel. A total of 229 shareholders took part in the meeting.
Despite a dip in revenue and profits compared to the previous year, STO’s board opted to maintain the high dividend rate, reflecting the company’s focus on ensuring continued returns for its shareholders.
According to the company’s financials, STO recorded MVR 15 billion in revenue for 2024—a 6% decline from the previous year. Profit before tax also fell by 12%, totaling MVR 2.4 billion. After tax deductions, STO’s net profit stood at MVR 717 million.
STO officials stated that although revenue from core businesses like fuel distribution declined slightly due to global price adjustments, cost management and operational resilience enabled the company to uphold shareholder confidence.
In addition to approving the dividend, shareholders re-elected Mohamed Ahsan Saleem as their representative on the STO Board for the 2025–2026 term.
The consistent MVR 80 dividend—delivered in back-to-back years—comes at a time when many public companies are tightening payouts due to global financial pressures. For local investors, the move signals STO’s stable performance and its pivotal role in the country’s economic engine.
The company reaffirmed its commitment to sustaining profitability across all sectors while expanding strategic investments to boost long-term growth.
