Maldives Transport and Contracting Company (MTCC) has recorded a revenue of MVR 593 million in the second quarter of 2022. It is a 7.7% increase compared to revenue recorded in the first quarter of the year.
As per the quarterly financial report, MTCC generated a net profit of MVR 77.8 million in the second quarter of 2022, which is a 3% increase compared to the MVR 75.31 million in net profit recorded in the first quarter. The operational cost of the company has increased due to the increase in fuel prices and goods in the global market.
As per the report, MTCC received the highest revenue from land reclamation projects and trading in the second quarter. MTCC has carried out 115 infrastructure development projects across the country, completing 10 projects. MTCC had also undertaken 12 new projects during the period.
Additionally, MTCC generated a revenue of MVR 1.4 billion and MVR 153 million as net profit in the first six months of 2022. The company has estimated that it will receive an income of MVR 2.2 billion and a net profit of MVR 300 million this year.
MTCC generated a net profit of MVR 271.82 million in 2021, the highest in its 41-year history and is on course to break the record again this year.