2017-04-30 22:53:16
STO makes 567 as profit and decides to give 51 Rufiyaa per share.
STO makes 567 as profit and decides to give 51 Rufiyaa per share.
Estimated time to read the article : 3 min, 45 secs
State Trading Organization (STO) has made 567 million Rufiyaa as as profit in the year 2016 and has decided to give out 51 Rufiyaa per share.
“We know how much other public companies are giving to the shareholders. STO always provides a good return for the shareholders. This year the board proposes to give 51 Rufiyaa per share” said Ahmed Shaheer the MD of STO.
Speaking to the press at the head office of STO, Managing Director of STO Ahmed Shaheer said thafrom the profit the company spent 279 million Rufiyaa last year to reduce the cost of goods for the people. He said that most of it was spent on reducing the price of fuel and it was done to keep the price of electricity down after the changes brought to the subsidy system by the government.
Shaheer said that in 2012 and 2013 STO was in huge debts and unpaid bill amounted to 463 million Rufiyaa in 2012 and 567 million Rufiyaa in 2013. He said that most bills were bills from fuel transactions and some were long past the due date.
Shaheer said that in those two years the company was trying to pay off the debts and hence was not able to do much for the people in terms of cost saving.
“However, 15 million Rufiyaa in 2014, 131 million Rufiyaa in 2015 and 279 million Rufiyaa in 2016 was provided to the people as cost saving” said Shaheer.
Shaheer said that STO was created 50 years ago, as a company to serve the people and the company was operating to provide services to the people rather than focusing on profit.
“However, it was a huge challenge when the company was listed public in 2001. Because we had to sell goods at an affordable price at the same time had to give a fair return to the shareholders. Even now we do not focus on making the maximum profit. We sell with a little profit margin” said Shaheer.
Shaheer said that STO was able to spend a significant amount of the profit on the people because STO has a strong balance sheet now. He said that even this year they will work with the aim of spending on the people.
Shaheer said that the company’s aim is to make a profit of 250-300 million Rufiyaa.
In 2016, the company made 288 million Rufiyaa as profit. This is 7 million Rufiyaa more than that of 2015.
In 2015, 131 million Rufiyaa was spent on the people and made a profit of 430 million Rufiyaa.
Shaheer also announced that in the first quarter of this year, STO made 70 million Rufiyaa as profit. He said that hence the company is doing well.
“We know how much other public companies are giving to the shareholders. STO always provides a good return for the shareholders. This year the board proposes to give 51 Rufiyaa per share” said Ahmed Shaheer the MD of STO.
Speaking to the press at the head office of STO, Managing Director of STO Ahmed Shaheer said thafrom the profit the company spent 279 million Rufiyaa last year to reduce the cost of goods for the people. He said that most of it was spent on reducing the price of fuel and it was done to keep the price of electricity down after the changes brought to the subsidy system by the government.
Shaheer said that in 2012 and 2013 STO was in huge debts and unpaid bill amounted to 463 million Rufiyaa in 2012 and 567 million Rufiyaa in 2013. He said that most bills were bills from fuel transactions and some were long past the due date.
Shaheer said that in those two years the company was trying to pay off the debts and hence was not able to do much for the people in terms of cost saving.
“However, 15 million Rufiyaa in 2014, 131 million Rufiyaa in 2015 and 279 million Rufiyaa in 2016 was provided to the people as cost saving” said Shaheer.
Shaheer said that STO was created 50 years ago, as a company to serve the people and the company was operating to provide services to the people rather than focusing on profit.
“However, it was a huge challenge when the company was listed public in 2001. Because we had to sell goods at an affordable price at the same time had to give a fair return to the shareholders. Even now we do not focus on making the maximum profit. We sell with a little profit margin” said Shaheer.
Shaheer said that STO was able to spend a significant amount of the profit on the people because STO has a strong balance sheet now. He said that even this year they will work with the aim of spending on the people.
Shaheer said that the company’s aim is to make a profit of 250-300 million Rufiyaa.
In 2016, the company made 288 million Rufiyaa as profit. This is 7 million Rufiyaa more than that of 2015.
In 2015, 131 million Rufiyaa was spent on the people and made a profit of 430 million Rufiyaa.
Shaheer also announced that in the first quarter of this year, STO made 70 million Rufiyaa as profit. He said that hence the company is doing well.