Malé, Maldives – The State Trading Organisation (STO) has approved a dividend distribution of MVR 80 per share for 2024, maintaining the same payout as the previous year. The decision was passed during the company’s Annual General Meeting (AGM) held on Saturday evening at the Barcelos Nasandhura Hotel in Malé City.

A total of 229 shareholders took part in the AGM, with 99% voting in favour of the dividend proposal.

STO also announced the appointment of Deloitte as its external auditor for 2025. The auditing firm will be paid a fee of USD 65,500 for its services.

According to STO’s annual report, the company earned MVR 15.4 billion in revenue over the past financial year, with an operating profit of MVR 1 billion. However, total profit fell to MVR 741 million, reflecting a 6% decline compared to the previous year. The company attributed the dip to fluctuations in global oil prices.

Despite the decrease in profits, STO said its continued focus on strengthening its core operations and diversifying business lines enabled the company to maintain its financial resilience and uphold its record dividend payout. The organisation reaffirmed its commitment to delivering long-term value to its shareholders.