Maldives Transport and Contracting Company (MTCC) has decided to pay MVR 32 million among shareholders after posting a record profit in 2022.
MTCC posted MVR 324 million in profits last year - the highest ever since the company was formed over 40 years ago.
The record profit was reported on a turnover of MVR 2.47 billion. In 2021, the company posted MVR 319 million as profit on a turnover of MVR 1.97 billion.
The company’s board of directors decided to propose a dividend of MVR 4 for each share with a face value of MVR 5.
The MVR 32 million as dividend will also be a record for the company. But the board of directors proposal must be approved at the annual general meeting.
Despite a record profit, the company’s foreign exchange expenditure increased last year because of the ongoing war in Ukraine. As a result, profit before tax was down 15 percent compared to 2021.
MTCC said the company undertook 65 infrastructure projects last year and successfully completed 42 of them.
MTCC began bus service in Male' in 2022. -- Photo: Abdulla Iyan/ Adhadhu
The company further lauded achievements in revolutionizing the transportation system with the new RTL ferry and bus services.
Additionally, MTCC conducted 420 social responsibility activities and provided assistance worth MVR 43 million to the community.
