State Trading Organization (STO) has posted record profits for last year and the shareholders have passed to disburse MVR 76 as dividends per share.
STO had posted MVR 479.9 million as profits for 2014. This is a record figure for the company. In 2013, the company earned MVR 164.6 million, with MVR 24 disbursed as dividends. Therefore, in 2014, the profits jumped by MVR 315.3 million compared to the previous year.
It is noted that this profit comes amid lower prices for many of the products and services provided by the company.
Speaking in the company’s annual general meeting held on Friday night in Hotel Jen, STO Managing Director Ahmed Shaheer assured that he would seek the assistance of shareholders and the Board to map the future of the company. He added that he would seek to replicate the success of the past year for this year.
Shaheer stated that STO’s shareholders had always proposed constructive plans for the company’s future and that STO had always accepted the ideas from the shareholders.
Six hundred and forty people had taken part in the meeting.
A question and answer session was conducted for shareholders in the meeting.
MD Shaheer answered the questions from the shareholders. He stated that the security of the company was paramount and that day to day operations were run on the key principles and rules.
Shaheer stated that 80 percent of medical supplies are imported from abroad. He added that the products sourced locally are carried out according to corporate procedures and will always adhere to transparency in their business.
When questioned regarding the Aasandha applicable pharmacies and their profitability, Shaheer stated that over 120 pharmacies had been opened. He added that in addition to being profitable the pharmacies were providing a basic service to all citizens. He added that some pharmacies in very sparsely populated islands were less profitable than the ones in other islands. He added that FSM were selling their fuel products at a very small markup.
In the meeting, Mohamed Farshath was re-elected to the Board as a representative of the general shareholders. KGPM was appointed as the auditor of the company.
STO announced that the company would expand their product and service portfolio and improve their service delivery for this year. The company is set to introduce ready mix for concrete work near Ramadan and bring in more construction materials near the end of this year. STO’s Executive Director Ibrahim Ziyath stated that these products would greatly contribute to expanding the services of STO Construction Materials and Energy.
STO posts record profits, company to issue MVR 76 as dividends
