MTCC decides to distribute MRV 15 per share in dividends from MVR 24 million profit

Maldives Transport and Contracting Company Plc (MTCC) has decided to distribute MVR 15 per share in dividends from a total profit of MVR 24 million made in 2012.

The decision was made during the company's Annual General Meeting (AGM) held in Nasandhura Palace Hotel last night.

MTCC did not distributed any dividends for the past three years.

A total of 36 general shareholders participated in last night’s AGM, with a total of 2177 proxies submitted by shareholders.

The minutes for the 2011 MTCC AGM was approved during last year’s meeting, along with the company's 2012 director’s report and balance sheet for 2012. The shareholders also decided to hire Price Waterhouse Coopers (PwC) as the audit firm to audit the company for the following year, for a sum of MVR 308,400.

Last night’s meeting also saw the re-election of two of the company's general members to the board of directors. Ahmed Aboobakuru was re-elected with a total of 1,245 votes while Nasrath Mohamed won the seat by 1,241 votes.

The company’s general shareholders aired their opinions and an array of ideas regarding the functioning of the company and posed some difficult questioned to company’s board of directors.

MTCC’s annual report for 2012 shows that the company gained a profit of MVR 24.1 last year. The company faced a loss of MVR 8.03 million in 2011.

The company’s quarterly report shows that on the fourth quarter of 2012, the company earned a profit of MVR 31.1 million. In the first quarter of 2012, the company earned a net profit of MVR 2.3 million, a net profit of MVR 4.2 million was earned in the second quarter and a net profit of MVR 3.8 million during the third quarter.

The company’s records show that it has made MVR 597 million of sales last year and declared 12 million as taxes.