Managing Director of STO, Ahmed Shaheer have said that the company made huge profits last year but all the profits are not distributed among the shareholders because some of it is going to be invested in more profitable ventures.
Speaking at the annual general meeting of STO held last night, Shaheer said that they have planned to change all warehouses of STO to the industrial village and it will also generate a lot of profit for STO. “even now we have to spend 928 million dollars to the projects we have planned. But profits will be generated from these projects later” said Shaheer.
Shaheer said that the main objective of the company is not to generate huge profits but to share the profit they make with the people. He said that last year around 500 million Rufiyaa was shared with the people. In addition he said that a significant amount was spent on social responsibility programs and that it will benefit the whole society.
Last night’s general meeting was a historic meeting. Even the shareholders noted how well arranged the meeting was. For the first time in Maldives electronic voting was used in such a meeting, by STO last night. Results of the votes were displayed live on TV as the voting went on. The voting system was developed by staffs of STO.
All the profits of STO are not distributed among the shareholders to invest and to gain more profits: Shaheer
