MTCC Announces 2021 as the Most Profitable Year for the Company in its History of 41 Years!


Maldives
Business
Transport
PUBLISHED January 25, 2022 | updated January 25, 2022 04:53

Maldives Transport and Contracting Company Plc (MTCC) has announced that the company earned the highest annual profit in the year 2021 in its 41 years of service. The achievement was revealed via the financial report for the year 2021 (Quarter 4) published on its website.  

As per the report, the company recorded a revenue of MVR 1.96 billion with a record net profit before tax of MVR 264.45 million for the year 2021. The revenue of 2021 increased by 43.8% with an increase of 20.17% net profits for the financial year 2021 compared to the previous year which recorded a total revenue of MVR 1.36 billion.  

Total asset of the company has reached MVR 3 billion by end of the fourth quarter 2021. The company has increased its investment on capital expenditure which includes excavators, dump trucks and other heavy machinery for construction activities.  

These new investments will improve the efficiency and contribute to profits with lower hiring cost through utilization of own machines and equipment, was also stated in the report. 

MTCC managed a total of 103 projects in the 4th quarter of 2021, which included Construction of Harbors, Airports, Shore protection, Dredging and Reclamation, Roads, Building and Design Projects. Out of these 10 projects were successfully completed, while work on 8 new projects started and new 18 projects were awarded to MTCC.  

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