MTCC posts MVR 66 million as net profit for Q2

MTCC's CEO Adam Azim speaks at the opening ceremony of MNU's 'Fahi Furusathu' job festival. (Sun Photo/Mohamed Hayyan)

Maldives Transport and Contracting Company (MTCC) has announced a net profit of MVR 66 million in the second quarter of this year.

The quarterly report released by the company shows that they generated MVR 593 million as total revenue in the second quarter of the year spanning from April to June. Total revenue recorded in the first quarter of the year was MVR 550 million.

When the net profit earned in the first two quarters of this year are combined – MTCC records a total net profit of MVR 130 million so far this year.  

All segments of MTCC’s businesses contributed for the profit recorded during the second quarter of the year as detailed below;

  •         General business: MVR 19.8 million
  •         Contracting: MVR 27.4 million
  •         Land reclamation: MVR 16.2 million
  •         Transportation: MVR 561,00
  •         Others: MVR 2.1 million

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 during the year – marking the best financial performance in its 41-year-long history and a 21 percent increase compared to 2020.