STO reports record profit

State Trading Organisation (STO) has made record net profit, of MVR 480 million, at the end of 2014.

This is a threefold increase compared to the previous year, when net profit was MVR 164 million.

The threefold increase in net profit was, moreover, in spite of a reduction in revenue. The company’s revenue in 2013 was MVR 11.2 billion, while that in 2014 was MVR 9.1 billion.

The Board of Director has decided to propose a dividend of MVR 76 per share at the Annual General Meeting (AGM).

Chairman of STO Ahmed Niyaz noted the achievement, and said that one reason behind the significant increase in profit was reduction in costs.

He assured shareholders that the company’s future looks good, and nonstop efforts are ongoing by the board and the management to improve operations.

STO will hold its AGM at Hotel Jen on 29 May.