The Maldives Transport and Contracting Company (MTCC), a public entity providing infrastructure and transportation services, recorded a net profit of MVR 85 million last year, according to its annual report.
While MTCC’s profit increased compared to the previous year, its annual revenue saw a slight decline, falling from MVR 2.15 billion to MVR 2.13 billion. Despite the dip in revenue, the company’s profit rose by MVR 40 million year-on-year.
A sector-wise breakdown shows that the highest revenue was generated from construction and land reclamation projects. These activities brought in MVR 1.7 billion, accounting for 80 percent of the company's total revenue.
The second-largest revenue stream was the trading division, which contributed MVR 244 million. Additionally, the company earned MVR 150 million from transport services, including bus and ferry operations, and MVR 19 million from other business activities.
Major projects completed by MTCC last year include
- Expansion of the Maafaru Airport apron
- Development of Muli Airport
- Land reclamation at Arena Lagoon
- Land reclamation at Ulani Falhu for the development of Max Royal Resort
- Land reclamation at Gulhi
- Land reclamation at Ihavandhoo
Based on last year's performance, the company has decided to distribute a dividend of MVR 3 per share to its shareholders.
Consistent with previous years, MTCC received government subsidies and financial assistance. This included MVR 141.3 million in government aid for its reclamation and construction activities, and MVR 511.7 million as a subsidy to cover losses in the transport sector, totaling MVR 653.1 million.
However, a substantial portion of these funds is recorded as trade receivables. By the end of last year, the company's total trade receivables had climbed to MVR 1.3 billion.
MTCC released its annual and financial reports following a fine from the Capital Market Development Authority (CMDA) for failing to publish the documents by the mandatory deadline.
