2020: The Year Where MTCC Financially Performed The Best In Its 40-Year Long History Despite A Pandemic

The first and the longest-serving public company in the Maldives – Maldives Transport and Contracting Company (MTCC) – has positioned itself to be the leading marine and land transport provider in addition to being the best civil and marine constructor in the country. While the year 2020 was not a pretty one for numerous businesses due to the economic issues arising out of the COVID-19 pandemic, MTCC, is the one known company to have taken a stand elsewhere. In fact, in the company’s 40-year long history, last year was the one in which they had financially performed the best.

At a press conference held yesterday to discuss the financial performance of MTCC during the 4^th quarter of 2020, the Chief Executive Officer of the company, Mr. Adam Azim, stated that they had earned a profit before tax of MVR 203.11 million, a significantly higher compared to the MVR 63.08 million earned in 2019. They generated MVR 1.35 billion as revenue in 2020, which is also higher compared to the MVR 1.14 billion in 2019. Moreover, the company declared a profit after tax of MVR 172.6 million in 2020, stunningly tripling the 2019 figure of MVR 52.8 million.

Considering the financial performance of the 4^th quarter alone, it was identified as the most successful be generating a revenue figure of MVR 400 million and a profit after tax of MVR 53.4 million.

MTCC made the highest profit from its marine construction projects in last year. In this regard, they completed a whopping number of 34 projects last year alone. 

(Photos: MTCC)