STO reports annual profit of US$9.5 million

The State Trading Organisation (STO) has announced an annual profit of Rf146.6 million (US$9.5 million) for 2011, a 23 percent increase from the previous year.

Sun Online reports that 2011 was the most profitable year in the public company’s history.

According to the director’s report approved at STO’s annual general meeting (AGM) on June 14, the rise in profits came from supplying jet fuel to the Ibrahim Nasir International Airport and importing medical consumables to the Male’ Health Services Corporation. STO also won bids to build roads in Addu City and develop the airport in Fuvahmulah.

A decision was made at Thursday’s AGM to distribute Rf72 per share as dividends. The decision was approved by over 80 percent of those voting.

Mohamed Farshath, H. Two Hearts, was voted to the board of director’s to represent public shareholders.

Following changes approved at last year’s AGM, the government’s stake of 92.29 percent was lowered to 81.6 percent. Shares owned by the public was raised from 7.71 to 18.4 percent.