MTCC Announces Expansion into Boat Building Services at AGM

The Maldives Transport and Contracting Company Limited (MTCC) has unveiled plans to broaden its business scope by entering the boat building sector. This announcement was made by CEO Abdulla Ziyad during the company's Annual General Meeting (AGM) at the Umar Zahir Building.

At the AGM, Ziyad addressed shareholder inquiries regarding the company's expansion and the continuation of previous management strategies. He emphasized MTCC’s commitment to advancing its development plans, which now include launching boat building projects. Under the previous management, MTCC focused on expanding its dredging projects and successfully established a shipping repair yard. Ziyad expressed confidence that by the next AGM, the company would be well-positioned as a provider of boat building services.

Chairperson Mohamed Afeef Hussain also highlighted MTCC’s strategic focus on revenue growth through international and private sector projects. He reaffirmed the company’s dedication to maintaining transparent communication with shareholders and being receptive to their feedback.
Currently, MTCC operates one of the Maldives' largest boatyards in Thilafushi, which can accommodate up to 20 vessels at a time. This facility positions MTCC as a key player in the local maritime industry.

The AGM also saw the approval of a dividend of USD 0.19 per share and the appointment of Deloitte Partners as the company’s auditor for the upcoming year. Shareholders participated in the meeting both online and in person.

Recent statistics from MTCC reveal a significant revenue increase of 31%, reaching USD 210 million last year. The company's net profit also rose by 4% to USD 22 million, reflecting robust financial performance and promising prospects for the future.