Maldives Transport and Contracting Company (MTCC) profits have increased by 55% in 2019 compared to the previous year.
Th financial reports were approved during the virtual annual general meeting held for the year 2019 on 27th September 2020 with 44 shareholders. MTCC has generated a profit of MVR 53.31 million during the year 2019 with a revenue of MVR 1.15 Billion while the business expenditure also declined by 10% compared to the previous year.
The business activities involve building harbors, construction, marine vessel services, transport services while the most profitable areas include real estate, land reclamation and trading activities. The company has gained MVR 198.36 million from land reclamation while MVR 262.8 million was generated from normal trading activities. In addition, MVR 90.2 million was received from Transport services and MVR 16 million was generated in real estate.
The profits in real estate increased by 273.55% compared to MVR 4 million in the area during the previous year while profits from transport also rose by 34%. Despite of the decline, the income generated in construction accounts for 48% of the total income valued at MVR 557.8 million. The rise in profits has also increased the earning per share by 56% where the earnings were MVR 4.26 in 2018 which rose to MVR 6.63 in 2019. A dividend of MVR 2 per share was approved for the year 2019.