State Trading Organization (STO) has approved the disbursement of MVR 80 per share as dividends for 2023, marking the company’s highest dividend payout over the past 17 years. The decision was passed at the state-owned company’s annual general meeting (AGM) on Friday at the Noovilu Seaplane Terminal.
Following a robust financial performance, STO posted a profit of MVR 818 million after taxes for the financial year 2023, marking a 12 percent increase from MVR 728 million in 2022. STO also disbursed MVR 77 per share as dividends for 2022.
However, the company’s annual report for 2023 revealed a decline in revenue compared to the previous year. The drop in revenue was attributed to falling global fuel prices, prompting STO to adjust its pricing strategy, the report reads.
In addition, the AGM also saw the appointment of Deloitte as the company’s external auditor for the current year and the approval of the company’s revised charter, which aligns with recent amendments to the Companies Act.