State Trading Organisation Approves Record Dividend Payout

This decision was made at the company's Annual General Meeting (AGM), held at the Neeri Lounge of the Noovilu Seaplane Terminal at Velana International Airport (VIA).

The AGM was attended by 189 shareholders, with 99% voting in favor of the dividend. Additionally, Deloitte was appointed as the company's external auditor for the next six years, with a salary of USD 65,500.

STO reported a revenue of USD 1 billion and an operating profit of USD 78 million in the previous year. Total profit rose to USD 194 million, driven by higher fuel sales and growth in other business areas. Although revenue decreased to USD 1.2 billion in 2022 with an operating profit of USD 64 million, this was attributed to fluctuations in global fuel prices.

This year, STO achieved a 12% improvement in overall business performance, credited to enhanced business activities and increased total profit. The group's profit increased to USD 71 million, marking a record amount for the company.