The State Trading Organisation (STO) has approved a dividend distribution of USD 5.20 per share, marking the highest dividend payout by the company in the past 17 years. This decision was made at the company's Annual General Meeting (AGM), held in the Neeri Lounge of the Noovilu Seaplane Terminal at Velana International Airport (VIA).
The AGM saw participation from 189 shareholders, with 99% voting in favor of the dividend distribution. Additionally, Deloitte was appointed as the company's external auditor for the next six years, with a salary of USD 65,500.
In the previous year, STO reported a revenue of USD 1 billion and an operating profit of USD 78 million. The total profit increased to USD 194 million, driven by higher fuel sales and growth in other business areas. Despite generating a revenue of USD 1.2 billion in 2022 with an operating profit of USD 64 million, STO noted a decrease in total revenue due to fluctuations in global fuel prices.
This year, STO made a 12% progress in overall business performance. The company attributed this progress to enhanced business activities and increased total profit. The group's profit also increased to USD 71 million, marking a record amount generated by the group.
STO's continued focus on strengthening and enhancing its business activities has contributed to its robust financial performance and record dividend payout, reflecting its commitment to delivering value to its shareholders.