STO approves MVR 80 dividend per share for 2024
This dividend mirrors last year’s payout, maintaining consistency with the MVR 80 per share dividend approved for the 2023 financial year.
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The State Trading Organisation (STO) has approved a dividend of MVR 80 per share for the financial year 2024.
The decision was finalised at the company's Annual General Meeting (AGM) held Saturday at the Ballroom of the Barcelona Malé Nasandhura Hotel.
This dividend mirrors last year’s payout, maintaining consistency with the MVR 80 per share dividend approved for the 2023 financial year.
STO’s financial report for 2024 revealed total revenue of MVR 15.4 billion, a 6% decline compared to the previous year. Despite the dip in revenue, the company posted an operating profit of MVR 1 billion and a net profit of MVR 741 million, translating to a profit of MVR 80 per share.
The revenue decline was primarily attributed to STO’s decision to reduce oil prices three times throughout the year, in response to fluctuations in global oil prices.
In addition to financial matters, shareholders at the AGM also elected a new board member to represent common shareholders. Mohamed Ahsan Saleem, of Ma. Tulip Villa, was chosen to fill the position.
