Quarterly Reports for Quarter 1 of Year 2012
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State Trading Organization PLC 1ST QUARTER REPORT 2012 30th April 2012 Company Perfor- ding procedure. Introduced the Company Dividend Inside this issue: mance Policy. The first quarter of 2012 has been a Business Develop- 1 challenging quarter. Achievements and ments With the changes that took place in Milestones Corporate Social 3 the Government, the Company had Responsibility also had to face several changes in Board, Management and planning. STO Supermart was renovated, Marketing and 4 rearranged and reopened. Sponsors The current economic, social and polit- ical changes have also affected the A new and modern paint show- Human Resources 5 room was officially opened at STO and STORC Company vastly and these challenges have in-turn disrupted the Company Home Improvement. Board and its Com- 6 performance during the first quarter. STO won the bid to supply jet fuel mittee Activities to Ibrahim Nasir -GMR Interna- tional Airport for a period of 1 Corporate Govern- 8 ance Compliance Major Policies and year. This is the second time STO has managed to achieve this bid. Share Performance 11 Guidelines imple- Financials 12 mented Declaration 14 The following policies and guidelines were implemented during past quar- ter. Changes to the current procure- ment policy and competitive bid- 1 Business Devel- K. Thilafushi Warf Relocation of Rice godown from S.Gan to S. Hithadhoo It has been re-tendered to find a opments contractor for this project. Have appointed a contractor for this project. However, since the Male’ Service Centre Notable projects pertaining to site has still not been cleared, no business development that are Currently undergoing redesigning work is in progress. underway and their status, in- of this project. STO Home Improvement Exterior clude:- B.Eydhafushi Shop and Interior Work Radisson Hotel Project All structural works of Currently in the Process of ap- Concrete Structural work of this B.Eydhafushi Shop has been com- pointing a contractor for this pro- project has been assigned to Amin pleted and handed over to STO ject. Construction on 14th October Sales & Marketing for the stacking H.Dh.Kulhudhuffushi Pharmacy 2011. Currently ongoing founda- of inventory. tion laying process. The Company The pharmacy was open for ser- Addu Service Centre is also engaged in the evaluation vice on January 2012. of the proposals received for pro- Currently undergoing concept de- ject interior, architect, landscape signing of this project. and M&E. Renovation of K. Funadhoo Sea S. Hulhumeedhoo 4-Storey Build- Wall ing After appointing a consultant for Currently undergoing finishing the project, currently undergoing work of this project. selection of a contractor for the project. K.Funadhoo Fuel Jetty Extension After the completion of detail de- sign work, currently undergoing appointment of project contractor. Fire Alarm Installation within the Company Umar Shopping Arcade Building Currently undergoing wiring pro- The first tender opened for con- cess of setting the alarm system. struction of this project was can- Have already set up system at celled due to unavailability of com- STO Staple Foods. petitive pricing. Currently in the process of preparing for re-tender. 2 Corporate Social Veshi Jamiyyaa tion on climate change. STO supported child education by STO received acknowledgement Responsibility contributing to the ‘Digital Educa- for contributions rendered to The tion Program’ conducted by Veshi Maldives Police Services during The Company takes careful effort Jamiyya where children can learn 2011. to engage itself in the Corporate ways of modern technology which Social Responsibility. As such, fol- can act as a stepping stone to- lowing are the different CSR activi- wards a working life. ties STO participated in and con- Product Assistance tributed to, during the past quar- ter. Drug Rehabilitation Centre Financial Assistance To assist in the rehabilitation of the young generation from drug Kuda Kudhinge Hiyaa related issues and to provide ef- STO continued funding of its com- fective services to help them get mitment to the Kudakudhinge back in to the society, STO provid- Hiyaa Orphanage by sponsoring ‘in ed cement to the drug rehabilita- kind’ one of the childcare staff for tion center for the very much a period of one year since June needed repair works of the facility. 2011. Sponsorships Parents Awareness Program Deaf Association of Maldives STO took part in creating aware- STO supported the Maldivian deaf ness among parents about child community by sponsoring their abusing by contributing to a annual festival “DEAFest 2012” in ‘parents awareness camp’ held at order to promote awareness and Addu City on February 3rd and 4th integration among society. The (organized by Child Abusing Pre- festival is scheduled to be held vention Society) where they were from 6th to 8th of June 2012. able to get an insight about the issue and find ways to prevent it Others while providing protection for such Earth Hour 2012 children. STO participated in “Earth Hour 2012” on 31st March 2012 by turning off non-essential lights between 8:30-9:30pm in various buildings of STO to raise aware- ness towards the need to take ac- 3 Marketing & Pro- Devondale Moo Chocolate Milk chocolate brands and products Campaign were displayed, to delight the vis- iting customers. The event also motions This campaign was held on 8th featured music by a two piece January 2012 in order to promote band at STO Supermart. Promotions Devondale Chocolate milk. Purity Special Offer Eco Campaign Flyers and free Devondale Moo chocolate milk packets were dis- This campaign was carried out to This event was organized by the tributed near schools. The follow- promote purity brand products Ministry of Housing and Environ- ing schools were visited during the where every purchase received a ment to encourage the use of eco- campaign; complementary FOC item along as friendly and biodegradable bags a special offer. Hiriya School instead of plastic bags. The Minis- Thaajudheen School Products used for special offer in- try collaborated with the three big- cluded; Maafannu Madharusa gest business tycoons: STO, Bright th Brothers and Maldives Industrial Iskandhar School Purity 4 food beef noodles Fisheries Company. Aminiya School bale 250ml Jamaludheen School Purity 4th food beef alphabet The Eco campaign started on the st Billabong High International lasagna 250ml 1 of January 2012 at STO Super- mart which will continue for six School months. Cloth bag Campaign During this campaign, 1500 cloth bags were distributed to custom- ers from STO Supermart. Those who brought them back got a 2% A purity bag was bundled with discount from their shopping. every 4 bottles of the aforemen- tioned products. Simultaneously FOC items were randomly offered with every 5 purity bottles pur- Chocolate Week chases. Devondale Butter and Cheese Spe- STO’s annual event, Chocolate cial Offer Week, was held again this year from 12th to 18th February 2012, In this promotion, a buy one get with more discounts, coupons and one free pricing strategy was used chocolate. Three suppliers took which was found to be very suc- part, along with STO. Old and new cessful in promoting the products. 4 The products that were included in every MVR 5000.00 spent at recipe cards, product information the offer included Devondale Diary wholesale center, free Tom milk and coupons for each dish. Cus- Soft Butter, Devondale Light But- products were offered. The dura- tomers who visited during the ter, Devondale Extra Soft Butter tion of this offer was from 1st tasting session (lasting from 21:00 and Devondale Light ‘N Easy March till 30th March 2012. till 22:00) and customers who Cheddar Cheese. The offer took made purchases at the Supermart Fragata Special Offer place from 16th February till the were offered to taste the dishes. stock ran out. This offer gave away a Fragata The event comprised of four ses- Olive Oil Traditional 250ml bottle sions where samples of nine Purity and Kruger Special Offer for every purchase that was made brands dealt at Supermart were This promotion focused on pro- above MVR 100.00. This promo- displayed. moting Kruger Impress Baby Milk tion continued from 13th February Powder. In this promotion, Kruger 2012 till 25th February 2012. impress baby milk products were KDD Juice Offer given away with every purchase of baby products from the Super- In this promotion, a KDD product mart. The offer was further ex- was given away for every pur- tended to the Wholesale custom- chase of MVR 150.00. The dura- ers, by offering 1 case free for tion of this offer was extended due every purchase of MVR 5000.00 to the increased demand. worth goods. The promotion started on 27th February and will go on till stock lasts. Visit and Win Tasting Visit and Win with Tasting was a combination of two promotional strategies to attract customers and to make them aware of the products sold at the Supermart. Collaborating with the Faculty of Hospitality and Tourism Studies, an array of recipes and tasting Tom Milk Special offer samples were offered, which were given out every Thursday night at In this promotion, for every MVR STO Supermart, along with the 50.00 spent at the Supermart and 5 Power with Makita With the aim of promoting Makita Power tools, a special promotion was carried out from 1st February till 29th February 2012. in this promotion customers were given demos of Makita products along with a lucky draw for the purchas- es they made on the products. This promotion also emphasized on promoting “Better after sale service and Product availability” for customers, on Makita products. For every MVR.500.00 spent on Makita Power tools, customers Love at First Fry Campaign Philips for the Living Room received a coupon where they had This promotion was run to pro- the chance to enter a Grand lucky In order to promote Philips home mote awareness of Philips Air Fry- draw.