STO to Distribute MVR 80 Per Share in Record Payout

State Trading Organization (STO) has announced a record dividend payout of MVR 80 per share from last year's profits. This decision was made at their Annual General Meeting (AGM) held at the Neeri Lounge of the Seaplane Terminal last night.

The dividend increase to MVR 80 per share, up from last year's MVR 77, was approved by 99 percent of the 189 shareholders present. This marks the highest dividend distributed by STO in the past ten years.

STO reported a total revenue of MVR 16 billion for last year, a significant increase of MVR 2 billion from the previous year. The net profit reached MVR 819 million, representing a 10 percent rise over the previous year.

In addition to the dividend announcement, Deloitte was selected as the external auditor for the upcoming year. Deloitte will be compensated USD 65,500 (MVR 1,012,630) for their auditing services.

This year's AGM highlights STO's strong financial health and commitment to rewarding its shareholders with substantial dividends, reflecting the company's successful performance and strategic growth.