Maldives Transport and Contracting Company (MTCC) has announced its financial results for the year 2022, with the company reporting its highest-ever revenue of MVR 2.47 billion, reflecting the successful execution of 65 new infrastructure projects and completion of 42 projects. Despite the record revenue, the company’s profit before taxes in 2022 was MVR 229.15 million, a decrease compared to the previous year due to the rise in global commodity prices, including oil prices as a result of the Russia-Ukraine war, and the increase in foreign exchange acquisition costs.
MTCC’s proposed dividend per share for 2022 is MVR 4, based on a face value of MVR 5 per share. The company witnessed significant growth and development in some business segments, with the transport services segment expanding with the launch of new bus services in Laamu Atoll, Addu City, Fuvahmulah, and Male’ area. The Integrated National Public Ferry Service was also inaugurated in 2022, with high-speed ferry services launched in the three northernmost atolls, under the Raajje Transport Link (RTL) network.
Moreover, the company’s social responsibility initiatives saw remarkable progress in 2022, with MVR 43.23 million allocated for the welfare of the community, marking one of the company’s greatest contributions to the welfare of the community through social responsibility.