Maldives Transport and Contracting Company (MTCC) has stated that two more dredgers will be brought in July to expand its dredging capacity.
Speaking to the media after the Annual General Meeting (AGM) of MTCC, CEO Adam Azim said the company aims to expand its operations across the infrastructure development sector in the coming years. Azim said as part of the expansion process, MTCC will be renewing and expanding its equipment and resources to increase its capacity and efficiency. As such, he revealed two new dredgers will join MTCC's fleet in July, enhancing the speed and efficiency of dredging and reclamation projects currently carried out by the company.
Furthermore, 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.
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. MTCC has stated it aims to increase its profit to USD20 million this year.