Maldives Transport and Contracting Company (MTCC) has recorded the highest ever net profit before tax and dividend per share in its 40 year history, as published in its annual report for 2020.
MTCC recorded MVR 224.72 million as its profit before tax in 2020, up by a staggering 253 percent from 2019.
The company recorded MVR 1.37 billion as revenue, compared to MVR 1.15 billion recorded in 2019. This consists of MVR 224.71 million as net profit before tax, which is MVR 161.6 million more than of 2019. This is the best financial performance in its 40 year history.
Moreover, MTCC has declared MVR 3 as dividend per share for 2020, a total of MVR 23.72 as earnings per share. This is an increase of 258 percent from 2019. This is the highest ever dividend per share recorded in its long history.
MTCC completed 36 projects in 2020 despite the impact of COVID-19 pandemic. This includes Hoarafushi Airport which was completed in record 578 days, several construction, dredging and reclamation projects, and the inauguration of Faafu and Dhaalu Atoll public ferry service. Further, 16 atolls were connected via public ferry service.
MTCC’s Chairman Mohamed Faheem stated regarding the future of MTCC “Looking ahead, we see significant opportunities to further increase the value we deliver, by boosting growth in our existing core business segments while driving customer and operational excellence.”
CEO Adam Azim stated “MTCC has huge potential. We have the largest equipment fleet in the country, incomparable skills in our team and years of accumulated know- how and experience.”
Azim also thanked and congratulated all employees for the success and applauded their perseverance and hard work during a very difficult year. Moreover, expressed his sincere gratitude to all those who supported the Company during the year and thanked customers, shareholders and other stakeholders for their support.