The State Trading Organization (STO) has approved a record dividend payout of MVR 85 per share following a strong financial performance in the past fiscal year, marking the highest dividend distribution in the company’s history.
The decision was approved during STO’s Annual General Meeting (AGM) held last night at DusitD2 Feydhoo Maldives, as the company commemorates 25 years since becoming a publicly listed entity.
According to STO, a total of 263 shareholders participated in the AGM, including 176 shareholders who attended in person and 87 represented through proxy votes. The resolution to distribute MVR 85 per share received overwhelming shareholder approval.
The latest payout surpasses last year’s dividend of MVR 80 per share and continues STO’s upward dividend trend over recent years. Historical dividend distributions approved by the company include MVR 77 per share in 2022, MVR 65 in 2021, MVR 60 in 2020, and MVR 58 per share in both 2018 and 2019.
Financial statements presented at the AGM showed STO generated MVR 15.55 billion in revenue during the past financial year, while net profit reached MVR 763 million.
Shareholders also approved the minutes of the 2024 AGM, the company’s audited financial statements, and the Directors’ Report during the meeting.
In addition, Ernst & Young was appointed as STO’s external auditor for the upcoming financial year with an approved remuneration of MVR 1,009,800.
The AGM also confirmed the appointment of Mohamed Ahsan Saleem to STO’s Board of Directors as the representative for general shareholders.
STO remains one of the Maldives’ largest state-owned enterprises, with operations spanning fuel supply, healthcare, pharmaceuticals, shipping, construction materials, and retail trade. The company has consistently positioned itself among the country’s strongest revenue-generating corporations, with dividend growth becoming a key attraction for shareholders in recent years.
