The Board of Directors of the State Trading Organisation (STO) has decided to submit a dividend of USD4.21 per share for approval at the annual general meeting (AGM). STO distributed USD3.88 per share in 2021 and USD3.75 per share in 2020.
Furthermore, STO stated that it will soon publicise the yearly report for 2021 but has not yet scheduled the date for the STO AGM 2021. All companies registered at the Maldives Stock Exchange are required to publish their yearly report by April 30. However, STO has requested the Capital Market Development Authority (CMDA) to postpone its report to May 15 due to delays in conducting an audit on the company.
The unaudited quarterly report shows that STO generated revenue of USD659 million in 2021, which is an increase compared to the USD550 million in 2020. It also generated a profit of around USD7 million in the first and second quarters and USD8 million in the third and fourth quarters.