STO approves a USD 5.20 per share dividend with 2023 profit

The State Trading Organisation (STO) has approved a dividend distribution of USD 5.20 per share.

The decision, taken by STO Board of Directors, will be proposed at the company's Annual General Meeting (AGM). If approved, it will mark the highest dividend payout by the company in the past 17 years. Shareholders will vote on the dividend proposal at the AGM. STO also distributed a dividend of USD 4.99 per share in 2022.

In the previous year, STO reported a revenue of USD1 billion, with an operating profit of USD78 million. The company recorded a pre-tax profit of USD64 million and a net profit after tax of USD53 million. STO attributed the increase in total profit to higher fuel sales and growth in other business areas.

The 2023 Annual General Meeting is scheduled for July.