MTCC to venture into real estate business

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

Maldives Transport and Contracting Company’s (MTCC) CEO, Managing Director Adam Azim has underscored the possibility of the company venturing into real estate in move to further expand scope of business.

Speaking at the company’s Annual General Meeting (AGM) held at Kurumba Maldives Resort on Thursday night, Azim said that profits that can be earned through harbor development and reclamation projects currently carried out by MTCC will begin decreasing in the future. Therewith, he stressed on the need to further expand their business by going into sectors such as real estate.

Azim detailed that MTCC’s aim is to carry out major projects, adding they do not have the intention to venture into small real estate commonly practiced in the Maldives.

He further stated that the company’s goal each year is increase profits by MVR 50 million compared to that of the previous year. In this regard, he said that the aim for this year is to achieve MVR 300 million in profits.

The 2021 annual report released by MTCC shows the company generated a revenue of MVR 1.95 billion – a 44 percent increase compared to 2020.

The company also generated a profit of MVR 232 million – marking the best financial performance in its 41-year-long history and a 21 percent increase compared to 2020.

Speaking further at the AGM, Azim said that as the company’s profits increase – they will be able to increase its capacity.

“When we first started, only about 20 projects are carried out simultaneously. That was the capacity back then. Due to projects scored with assistance from the government, we have also increased our capacity,” he had said.

On this note, Azim said that the company has doubled in capacity equipment and staff wise.

Recently, State Trading Electric Company’s (STELCO) Managing Director Ahmed Shareef revealed the company’s intention to venture into real estate business for the purpose of increasing profits.