State Trade Organization (STO) – the largest state-owned enterprise – announced their net profit reached MVR104 million in the first quarter of 2019.
The largest state-owned company in their quarterly report stated the company earned a total of MVR2,344 million in revenue. STO’s operating profit was at MVR167 million during the quarter.
As per their quarterly report STO currently employs a total of 2,138 in various departments and outlets owned by them. As for the employee composition, 35% of the total employees are females while the remaining 65% are males of which 82% are locals while 18% are foreign.
STO is known for its CSR activities and in the first quarter of 2019, the company had engaged and rendered its support to several such activities including the celebration of World Down Syndrome Day as well as contributing to the paramotoring event held in the Maldives to “create awareness about the harmful effects of single-use plastic.”
As for the share performance, the highest trade price during Q1 2019 was registered at MVR500 while the lowest was at MVR400 while the market capitalization was at MVR507 and the dividend yield dropped to 12% and the price earning ratio for shares was at 5.
Major decisions of the company’s board during the quarter included the approval to introduce Supermart easy credit facility and to revise the credit policy of the company as well as revising the Corporate Governance Code of STO Group among several other key decisions.
In addition to this, the board had also approved a 6 months maternity and 1-month paternity leave for the staffs.