The Chief Executive Officer (CEO) of Maldives Transport and Contracting Company (MTCC) Adam Azim has stated the company aims to record a profit of USD20 million this year. He made the statement while speaking to the press following the Annual General Meeting (AGM) of MTCC for the year 2021, held in Kurumba Maldives.
Speaking to the media, CEO Azim said MTCC acknowledges and appreciates the assistance provided by the government to allow the company to grow. Azim noted the company has generated record profits over the past couple of years, with profits recorded above USD14 million in each of the past two years, as compared to profits of USD3 million it used to generate previously. He said the target for this year is to increase profits to USD20 million.
Speaking further, Azim stated MTCC is continuously building its human resource capacity, noting the number of staff at the company has increased from 1,500 to 3,600 over the past few years. Azim said the company is now able to conduct 100 projects simultaneously, as compared to its previous capacity of 20 projects. He added MTCC is striving to become a competitor in the international market, as envisioned by President Ibrahim Mohamed Solih.
During the AGM, shareholders passed the decision to distribute a dividend of USD0.23 per every share with a face value of USD0.32. This is the largest dividend distributed in the 41-year history of MTCC.
As per the 2021 Annual Report of MTCC, the company generated a total income of USD127 million last year, with USD17.6 million declared as profit before tax. This was 21% higher than the previous record profit generated in 2020, when the company raised USD89 million as income and USD14.6 million as profit before tax.