The shareholders of State Trading Organization (STO) have approved a dividend of MVR 80 per share from last year's profit.
The decision was taken at the company's 2023 Annual General Meeting held Friday night. The proposal was made by the Directors' board and this is the largest dividend payout in the past 17 years.
Meanwhile, Mohamed Ahusan Saleem was selected from among the public shareholders to sit on the Directors' board and Deloitte was appointed as the auditor.
STO earned MVR 818 million for 2023 as profit after taxes. This is a record amount in the company's history.
In 2022, the company posted a net profit of MVR 728 million and approved a dividend of MVR 77 per share.
The profit recorded in 2023 is a 12 percent increase compared to 2022.
