MTCC is the Least Bothered by the Pandemic with Soaring Amount of Revenue for Quarter 3

This year has definitely not been a pretty one for numerous businesses due to the economic issues arising out of the COVID-19 pandemic. One local company however though, has said the otherwise. Yesterday, Maldives Transport and Contracting Company Plc (MTCC) published its Revenue Report for the third quarter of the current financial year recording a profit of MVR 51 million. Operating profit was initially valued at MVR 69 million which was decreased to MVR 51 million upon the payment of taxes. This marks a 41% increase from the 2nd quarter which amounted to MVR 248 million.

According to the Company, they attribute the increase in revenue to the contracting work undertaken by them with special highlight to government awarded projects. In this regard, MVR 25.6 million was made from the contracting sector alone. The report indicates that MTCC was engaged in a total of 70 projects during the third quarter in which they marked the completion of 11 projects and commenced the operations of 12 brand new projects. 

At present, MTCC is the leading marine and land transport provider as well as the leading marine and civil constructor in the Maldives. The Company experienced a decline during the three-month full lockdown period of the Greater Male’ Region earlier this year due to the delay in transfer of equipment temporarily ceasing many of its projects yet however, the management anticipates to attain a revenue of MVR 1.35 billion by the year end with a total of MVR 185 million in profit prior to tax payments.

(Cover Photo: MTCC)