The first and the longest serving public company in the Maldives – Maldives Transport and Contracting Company (MTCC) – has positioned themselves 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.
According to the Company’s Annual Report 2020, they recorded a total of MVR 224.72 million as its profit before tax in 2020 – a 253% increase in its net profit compared to the precious year. With great financial performance, the company also notes that they will be distributing MVR 3 as dividend per share for 2020, a total of MVR 23.72 as earnings per share – an increase by 258% from 2019 and also the highest ever dividend per share recorded in its history.
The bulk of MTCC’s profits from last year is attributed to its marine construction projects – whereby they had completed a whopping number of 34 projects last year alone.