MTCC revenues drop MVR 1.1 bil in 2024

The Maldives Transport and Contracting Company (MTCC) reports an annual revenue decline by MVR 1.1 billion in 2024, compared to the year before.

The company reported an annual total revenue of MVR 2.16 billion for last year. In 2023, the company's total revenue stood at MVR 3.2 billion; indicating a 32.1 percent decline.

MTCC's quarterly report for 2024 showed a quarterly revenue of MVR 418.20 million in the final quarter last year, with a net profit of MVR 151.25 million. The company paid MVR 13.95 million in taxes during the review quarter.

The company incurred a collective loss of MVR 72.26 million in the second and third quarters of last year.

Quarterly Revenue Breakdown:

• Q1: revenues collected stood at MVR 664.44 million, gross profit stood at MVR 6.17 million
• Q2: revenues collected stood at MVR 497.41 million, gross profit stood at MVR 54.15 million
• Q3: revenues stood at MVR 587.05 million, gross profit stood at MVR 18.11 million
• Q4: revenues stood at MVR 418.20 million, gross profit stood at MVR 165.20 million

The company's shares stood at a face value of MVR 18.82 per share by the final quarter last year.

Marketing expenses saw an increase in the final compared to the preceding two quarters, rising to MVR 30.49 million; which is an increment of MVR 26.22 million compared to third quarter.

Other expenses rose to MVR 28.59 million in Q4, which is an increase of MVR 23.18 million from third quarter.

MTCC is among the largest state-owned enterprises (SOEs), with the government owning 64.20 percent of the stakes, with the other 31.15 and 4.65 stakes owned by public shareholders and Maldives National Shipping Limited respectively.