STO increased profits with sacrifices made by the staffs – MD Shaheer
Managing Director of State Trading Organisation, STO, Ahmed Shaheer have said that the profit made by STO in 2016 was more than that of 2015 and the increase in profits is due to the ‘sacrifices’ made by the staffs.
He made this statement while speaking at a ceremony held last night at Dharubaaruge to mark the 52nd anniversary of STO.
Shaheer said that providing affordable services and making a good profit at the same time is not an easy thing to do. He said that however STO was able to achieve that. “We increased our profits while providing affordable services. That is not easy to do. STO provides the best returns to the shareholders among companies of Maldives. STO is the most trusted company in the Maldives as well” said Shaheer.
Shaheer said that STO is the first company of Maldives to formulate a code of conduct. Also he said that STO has formed code of conducts and implements it on subsidiaries of STO as well. “The results of this is very good. STO’s subsidiaries are generating profit. STO’s code has been accepted by CMDA as well” said Shaheer.
He further said that in the past, the Singapore branch of STO was running at a loss and the parent company had to pay the salary of the staffs as well. However, he said that last year the company has started making profit. Shaheer said that this shows the positive changes brought by President Yameen to manage state owned companies.
Shaheer said that from industrial equipment to household items, they provide everything at affordable prices to the people. “There is not a single island in Maldives which does not receive services of STO. Each passing day is a day we serve the people. In addition to Maldivians, there will not be a foreigner in Maldives who does not receive services of STO” said Shaheer.
Speaking about MIFCO, Shaheer said that soon they will turn MIFCO into a profitable and a capable company. He said that the team of STO has the capacity to achieve this.
Shaheer also said that they will start a housing scheme for staffs of STO within the next three months. “ This scheme will be different from existing housing schemes. Always people struggle to pay down payment. STO will start the scheme after arranging a mechanism for the staffs to pay down payment. Hence this scheme will be exemplary for other institutions as well” said Shaheer.
Shaheer also announced that soon STO will reduce the price of cement. “As a result, the people will benefit. There will be more infrastructure development “ said Shaheer.
Shaheer also thanked President Yameen saying that the success of STO is due to the high priority given to the company by President Yameen. “This is the result of the instructions given to me by President Yameen. STO’s development is directly related to the people. President gives a high priority to make life easy for the people” said Shaheer.
