MTCC announces record profits for year 2021

MTCC's Managing Director Adam Azim (L) with President Ibrahim Mohamed Solih (R). (Photo/MTCC)

With a profit before tax of MVR 264 million, Maldives Transport and Contracting Company (MTCC) produced the best financial performance in its 41-year-long history last year. 

MTCC released its Q4 2021 financial report on Monday, which shows the company generated a profit before tax of MVR 52.27 million in the last quarter of the year.  

MTCC said that though the figure is lower than the MVR 80.94 million generated as profit before tax in Q4 2020, the overall financial perfomance in 2021 was the company’s best perfomance in its 41-year-long history. 

The company generated MVR 625.70 million as revenue in Q4 2021 alone. The figure is higher than the MVR 408.76 million in revenue in Q4 2020, and 29 percent higher than the revenue in Q3 2021. 

MTCC’s total revenue over all four quarters of 2021 stands at MVR 1.96 billion. The figure is higher than the previous record of MVR 1.36 billion in revenue in 2020. 

MTCC saw a growth in revenue for all the core segments of the company. The most prominent growth was recorded from contracting segment with 33.21 percent increase in net revenue in Q4 2021 compared to Q3 2021. 

MTCC's Managing Director Adam Azim. (Sun Photo/Mohamed Hayyan)

Trading segment performance improved with a significant rebound in sales - attributed to the year-end Kashavaru Promo 2021 - resulting to 16.3 percent increase in revenue.  

Meanwhile, the transport segment increased by 18.4 percent in external revenue with the expansion in bus operation in greater Male’ area, to include Hulhumale’ Phase II. 

Total asset of the company reached MVR 3 billion by the end of Q4 2021. 

The company maintained a debt-to-equity ratio of 45.97 percent – slightly lower than the debt-to-equity ratio of 46.55 percent in 2020, and a debt-to-assets ratio of 20.09 percent - which is slightly lower than the debt-to-assets ratio of 21.93 percent in 2020. 

MTCC managed total 103 projects in Q4 2021. 10 projects were successfully completed, while work commenced on eight new projects, and 18 new 18 projects were awarded. 

MTCC, one of the biggest companies in Maldives, states it is committed to improving trade and achieving more success in the coming days.