MTCC seeks approval to extend deadline for publication of financial reports

Maldives Transport and Contracting Company (MTCC) has formally requested the Capital Market Development Authority (CMDA) for an extension to the deadline to publicize ts financial statements and related reports, citing the need for additional time for completion.

The company has announced that the release of its financial results will be delayed, noting that these documents are essential for providing shareholders with an accurate assessment of its financial position. MTCC is one of the Maldives’ largest infrastructure companies, with core operations in land reclamation, harbor development, and public transportation. As such, its financial reporting is closely followed by investors and shareholders.

According to the company, the request covers three key publications: 2025’s fourth-quarter financial statements and report, 2025’s annual financial statements and report, and the first-quarter financial statements and report for the current year.

MTCC has sought approval to extend the deadline for submission of these publications until June 15.

Under standard reporting procedures, the preparation of annual financial statements requires the completion of a full external audit of the company’s accounts. Delays in the audit process typically have a cascading effect, resulting in delays to both the final quarterly report of the year and the first-quarter report of the subsequent year.

Under Capital Market Development Authority (CMDA) regulations, companies listed on the Maldives Stock Exchange are required to publish audited annual financial statements within four months of the end of the financial year. Accordingly, the deadline for the 2025 annual report is April 30. Quarterly financial statements are required to be published within 30 days following the end of each quarter.

Where companies are unable to meet these deadlines, they may apply for an extension by submitting a valid justification to the CMDA. However, the regulator retains the authority to impose penalties in cases where reporting delays are not adequately justified.

These regulatory requirements are designed to safeguard investor interests and ensure transparency and accountability through timely corporate disclosures. The CMDA is expected to announce its decision on MTCC’s extension request once it has been reviewed.