MTCC Records Net Profit of MVR 43.3 Million in Q3

The Maldives Transport and Contracting Company (MTCC) has generated MVR 979 million in revenue for the third quarter of the current fiscal year, covering the period from July to September.

Compared to the previous quarter, the company’s revenue experienced substantial growth, increasing by 34.68 per cent. In the second quarter, MTCC reported a revenue of MVR 727 million.

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Notably, the construction and dredging sectors accounted for the highest revenue, amounting to MVR 873.56 million, while the trading sector contributed MVR 64.07 million, and the transport sector added MVR 37.02 million. The expansion of holidays this year impacted the trading sector’s performance.

In addition to revenue, MTCC’s operating profit increased in the third quarter compared to the second quarter. The company reported an operational profit of MVR 96.9 million in the second quarter and MVR 103.7 million in the third quarter. The net profit for the third quarter amounted to MVR 43.3 million, as outlined in the financial reports. MTCC attributes this positive trend to higher foreign exchange rates and significant capital investments.

During the third quarter, MTCC executed 205 projects, completing five and initiating work on 36 new projects, indicating the company’s continued growth and active engagement in various projects.

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