Maldives Transport and Contracting Company (MTCC) has reported that its revenue during the fourth quarter of 2022 increased by 25% compared to the third quarter.
The quarterly report shows that MTCC received USD48 million in the fourth quarter, which is a 25% increase compared to the USD39 million received in the third quarter. MTCC also recorded an operating profit of USD5.5 million in the fourth quarter, which is a 17% increase compared to the USD4.7 million in the third quarter.
However, MTCC received USD1.9 million in profit after tax in the fourth quarter, which is a decrease compared to the USD2.6 million received in the third quarter. The company stated that the performance of the construction and dredging segment was affected by the increased cost of materials with the global inflation, adding that the significant increase in the fuel prices and cost of local logistics has drastically slashed the margins from the construction and dredging segment.
Additionally, MTCC stated that trading segment revenue has increased with the year-end promotions and transport segment revenue also shows a considerable growth with the commencement of the Raajje Transport Link (RTL) high-speed ferry services in Zone 2 and minibus services in Male’ City. It further stated that, while there are improvements in revenue and operating profits during the quarter, the increased finance cost on capital investments and loss on exchange of foreign currencies has reduced the net profit contribution for the quarter compared to previous quarters.
Furthermore, MTCC recorded a total revenue of USD161 million with an operating profit of USD22 million in 2022, which is a revenue growth of 26% and an operating profit growth of 6.8% compared to 2021.