State Trading Organisation (STO) has approved the distribution of USD4.21 per share as the dividend for the year 2021.
At the annual general meeting (AGM) held at CROSSROADS Maldives, shareholders of STO approved the distribution of dividends. The amount is an increase of USD0.32 compared to the distribution of USD3.88 per share as dividend for 2020. The shareholders also approved PricewaterhouseCoopers (PwC) to audit STO and elected Abdulla Saeed to represent them at the Board of Directors.
STO stated the AGM saw the highest number of participants with 782 shareholders attending the event, with 157 shareholders attending in person, 686 participating via proxy, and some attending the event online.
STO received an income of USD727 million in 2021 which is an increase of 32% compared to the previous year. STO also earned USD97 million as revenue last year which is an increase of 12% compared to 2020. STO generated a gross profit of USD124 million compared to USD115 million in 2020 and its net profit after tax is USD31 million, which is an increase of 35% compared to the previous year.
The notable growth in revenue was achieved mainly from fuel, as revenue for fuel increased by 63% compared to the previous year. Apart from the increase in fuel prices caused due to increase in the purchase price, significant growth was achieved from the increase in the quantity sold as tourism started bouncing back.