Maldives Transport and Contracting Company (MTCC) reported an increased profit and revenue in the second quarter of 2021.
According to MTCC’s second quarterly report, the company earned MVR 423 million in revenue and a net profit of MVR 63 million during the period.
MTCC announced a net profit rise of MVR 1.36 million from the first quarter of 2021, which is also higher than the net profit in the second quarter of the preceding three years. In addition, the company reported higher cash flow and revenue per share in the second quarter of 2021.
The company was executing 86 development projects around the country in the second quarter, with two projects completed by the end of the period. Furthermore, in Q2, MTCC was contracted to 9 new projects and began physical work on 10 projects around the country.
In the preceding quarter, MTCC completed the Gdh. Thinadhoo Regional Port project and the Meedhoo Harbor upgrading project in Addu City. Moreover, the company completed four projects under the corporate social responsibility (CSR) initiative during the period, including a ramp in Artificial Beach and repairs to Hoarafushi Airport.
MTCC operates construction and land reclamation projects as part of several government development initiatives. The company generated higher revenue and profit in this quarter and is forecast to have a solid fiscal year.