State Trading Organization has approved a dividend of MVR 85 per share from last year’s profit, marking a modest increase from the MVR 80 per share paid during the previous two years.
The dividend was approved at STO’s Annual General Meeting with 99 percent support from the 263 shareholders represented at the meeting. Of those, 176 shareholders attended in person, while the remaining shareholders participated by proxy.
The higher dividend comes as STO reports stronger financial performance in the first quarter of this year. According to the company’s latest figures, STO recorded a net profit of MVR 276 million during the quarter.
Revenue rose by 33 percent compared to the same period last year, increasing from MVR 4.14 billion in the first quarter of last year to MVR 5.49 billion this year. The growth points to a stronger top-line performance for one of the country’s largest state-owned enterprises, whose operations span fuel, staples, pharmaceuticals, construction materials, and other essential imports.
STO’s operating profit stood at MVR 368 million, compared with MVR 322 million in the corresponding quarter last year, reflecting a 14 percent increase. Net profit increased from MVR 244 million to MVR 276 million over the same period, representing a 13 percent rise.
The company’s latest results indicate continued earnings growth at a time when public attention remains focused on the performance of state-owned enterprises and their contribution to the wider economy.
