STO’s board proposes MVR 65 per share as dividend for last year

STO People's Choice reopens on March 15, 2022. (Sun Photo/Mohamed Hayyan)

State Trading Organization’s (STO) Board of Directors has passed a resolution for the proposal of MVR 65 per share as dividend from last year’s profits.

The company said the resolution was passed by its Board on Thursday.

In April, STO announced it has extended the deadline for the release of its annual report to May 15.

Capital Market Development Authority (CMDA)’s regulations dictate that public companies need to release their annual report by April 30.

STO said it decided to extend the deadline because audits on some of its subsidiaries remain unfinished. They underscored having received the necessary permission from CMDA and Maldives Stock Exchange.

The quarterly financial reports released by STO last year show it generated a revenue of MVR 10 billion – a 41 percent increase compared to 2020.

STO had generated a profit after tax of MVR 478 million last year, coming up from MVR 359 million in 2020.

In the Maldivian stock market – a share of STO is presently valued at MVR 650.