Maldives Transport and Contracting Company (MTCC) has carried out 115 infrastructure development projects across the country in the second quarter of 2022. It is an increase compared to the 108 projects MTCC carried out in the first quarter.
The Quarterly Financial Report shows that MTCC carried out 115 infrastructure development projects in the second quarter, which consisted of 42 harbour projects, 11 land reclamation projects, 25 coastal protection projects, and three airport development projects. The state-owned company completed 10 projects in the second quarter, including the harbour upgrade in Angolhitheemu in Raa Atoll, the development of a jetty and quay wall in Ukulhas in Alifu Alifu Atoll, and the harbour development in Guraidhoo in Thaa Atoll. It also undertook 12 new projects during the period and accepted contracts for 13 projects.
Furthermore, the report shows that MTCC recorded an income of USD38.5 million in the second quarter of 2022. It is a 7.7% increase compared to the USD35.6 million in income recorded in the first quarter of the year. MTCC generated a net profit of USD5 million in the second quarter of 2022, which is a 3% increase compared to the USD4.85 million net profit recorded in the first quarter. The operational cost of the company has increased due to the increase in fuel prices and goods in the global market.
Additionally, MTCC generated an income of USD91 million and a net profit of USD9.9 million before tax in the first six months of 2022. The company has estimated that it will receive an income of USD143 million and a net profit of USD19 million this year.
MTCC generated a profit of USD17.6 million in 2021, the highest in its 41-year history. As per the 2021 annual report, MTCC generated a total income of USD127 million last year, with USD17.6 million declared as profit before tax. It was 21% higher than the previous record profit generated in 2020 when it raised USD89 million as income and USD14.6 million as profit before tax.