The State Trading Organization (STO) has announced plans to propose a dividend of MVR 80 per share for 2023 at its Annual General Meeting (AGM). The proposed dividend represents the largest payout by the company in the last 17 years, an increase from the MVR 77 per share distributed for the financial year 2022.

The state-owned company’s board of directors made the decision on Saturday, paving the way for shareholder approval at the AGM, which is scheduled for 15 July. The dividend will be disbursed following the AGM’s endorsement of the proposal.

Earlier, STO designated 26 June as the ‘record date’ for the dividend distribution for the financial year 2023. The record date, or the cut-off date, is the day on which the company will finalise the list of shareholders eligible for its forthcoming dividend distribution. The date is also the deadline for shareholders to register for the AGM.

STO posted a net profit of MVR 819 million for the financial year 2023, marking a 10 percent increase compared to 2022.