The Maldives Transport and Contracting Company (MTCC), the largest transport and contracting company in the Maldives, has announced its decision to distribute a record amount of earnings to its shareholders releasing its financial statements for the past year.
Established by the government in 1981, MTCC reported that its revenue for the previous year reached an all-time high in the company's 42-year history. Additionally, the company's operating profit and the proposed dividend to be distributed by the board of directors are the largest dividends in the company's history.
According to MTCC's financial statements, the company generated a revenue of USD 160 million last year, with an operating profit of USD 21 million. These figures represent a notable increase compared to the previous year, making it the highest revenue and operating profit achieved by MTCC thus far.
While MTCC experienced growth in revenue and operating profit, the company's overall profit declined by 36.15%. MTCC attributed this decline to higher commodity and oil prices in the global market resulting from the Russian-Ukrainian war, as well as increased foreign exchange expenditures.
Despite the decline in profit, MTCC has decided to distribute a total dividend of USD 20.89 million, with a face value of USD 0.32 per share. This marks the highest amount of dividends to be paid to shareholders in the company's 42-year history.
In addition to its financial achievements, MTCC undertook 65 new structural development projects and successfully completed 42 projects during the year 2022. The company remains committed to activities focused on the development and progress of the Maldives.
With its impressive financial results and ongoing contributions to the country's infrastructure development, MTCC continues to play a significant role in driving growth and prosperity in the Maldives.