MTCC annual report shows profit rise, revenue dip and higher admin costs

The Maldives Transport and Contracting Company (MTCC) recorded a net profit of MVR 85 million last year.

According to the company’s annual report, this marks an 88 percent increase compared to the previous year.

While profit rose, MTCC’s total revenue fell by one percent last year. The company generated MVR 2.1 billion in revenue, mainly due to a decline in trading income. Trading brought in MVR 244 million.

Transport services generated MVR 150 million, while construction and dredging accounted for MVR 1.7 billion.

Administrative expenses increased by six percent, reaching MVR 367 million last year, compared to MVR 347 million in 2017. Despite the rise in operating expenses, marketing costs were reduced from MVR 20 million to MVR 13 million.

MTCC spent MVR 814 million on salaries and allowances for its 5,395 employees, an increase of MVR 65 million compared to MVR 749 million spent the previous year.

The company’s financial statements show MTCC posted a profit of MVR 232 million in 2021, but earned only MVR 45 million in total over the past five years. Last year’s profit represents a significant improvement compared to that figure.