MTCC announces record revenues, profits in 2020

MTCC's CEO Adam Azim speaks to press on January 23, 2021. (Sun Photo/Fayaz Moosa)

Maldives Transport and Contracting Company (MTCC) has released its Q4 2020 financial report, which shows the company generated record revenue and profits during the year.

In a press conference on Saturday, MTCC’s CEO Adam Azim hailed 2020 as the company’s best performing year.

“2020 is the year MTCC declares the highest profits in our 40-year history. We have declared a profit of MVR 203.11 million. This is a huge improvement compared to 2019. MTCC has not achieved such success in our 40-year history,” he said.

The MVR 203.11 million in profit before tax in 2020 is significantly higher than the MVR 63.08 million in 2019.

MTCC generated MVR 1.35 billion as revenue in 2020, also higher compared to the MVR 1.14 billion in 2019.

MTCC declared a profit after tax of MVR 172.6 million in 2020, triple the MVR 52.8 million in 2019.

“The highest profit was generated from marine construction sector. The marine construction sector is very expansive. We work on 40 islands concurrentlt. We have the capacity to work on three airports and develop roads in three islands concurrently. And we have the capacity to reclaim land in three islands concurrently. MTCC is therefore currently running at a very good capacity,” said Azim.

Looking at the Q4 financial performance alone, MTCC generated a revenue of MVR 400 million and a profit after tax of MVR 53.4 million – making the quarter the most successful quarter for the company in 2020.

Azim said MTCC had run at a profit throughout the year, despite the three-month-long lockdown due to the COVID-19 pandemic.

He also said that the company had completed numerous projects in 2020.

“2020 is the year MTCC completed the most number of projects in our 40-year history. We completed 34 projects. This includes projects which began prior to last year, and projects which began last year itself,” he said.