Maldives Transport and Contracting Company (MTCC) has revealed the company recorded its biggest revenue in its 40-year history in 2020.
Speaking at a press conference, CEO of MTCC Adam Azim stated MTCC generated a net profit of USD 13.2 million last year, exceeding the profit recorded in any of its previous 39 years. Azim noted the company had also completed a record amount of infrastructure projects last year, with 34 projects reaching completion. He thanked the dedication and commitment shown by MTCC staff in helping the company complete a successful year.
Speaking further, Azim noted MTCC’s asset base has also increased from USD 143 million to USD 156 million last year. Therefore, he said a proposal will be submitted to the company’s board to increase the income of shareholders.
Noting most of MTCC’s profits are generated from construction projects, Azim said efforts are underway to build the capacity of the company in the construction industry. He noted MTCC is currently capable of conducting infrastructure projects in 40 different islands, adding the company can carry out 3 airport projects, 3 road construction projects and 3 reclamation projects simultaneously.
Speaking further, Azim highlighted some of the challenges MTCC had faced last year due to the COVID-19 pandemic. As such, he noted the company faced some difficulties in conducting its operations amid the lockdown imposed in the Male’ Region, along with the travel restrictions. However, he said with the help of strong and effective work-from-home policies, MTCC did not suffer any losses during the lockdown.