Maldives Transport and Contracting Company (MTCC) has recorded MVR 72.55 million as profit before tax in the first quarter of 2021, up by 16.40 percent from the first quarter of the 2020, as stated in the quarterly financial report published by the company.
The company received MVR 423.15 million as revenue in the first quarter of 2021, which is an increment of MVR 69.62 million from the same period in 2020. Moreover, MVR 82.31 was recorded as operating profit for the quarter, which is MVR 9.87 million more compared to the first quarter of 2020. Further, MVR 61.67 million was recorded as net profit after tax in the first quarter of 2021 compared to MVR 52.98 million in 2020. Earning per share currently stands at MVR 7.67.
MTCC currently has 77 development projects ongoing across the nation and 5 projects have been completed so far. Moreover, physical works of another 15 projects have commenced this quarter.
MTCC was contracted with the Ministry of Housing, Planning, and Infrastructure during the first quarter to develop the first phase of Integrated National Public Ferry Network (INPFN) and physical works of the project have already commenced.
MTCC has also done several marketing events and assisted several community projects through their CSR initiatives. The company recently announced several job opportunities with half of them and exclusively allocated to female.
The company recently celebrated a record-breaking and historic 2020.