MTCC’s board approves a dividend of MVR 4

Maldives Transport and Contracting Company (MTCC)’s board of directors decided on Thursday to distribute MVR 4 as dividend for 2022.

MTCC’s Q4 2022 financial report shows the company generated a revenue of MVR 2.4 billion and a net profit of MVR 200.9 million. The figure is lower than the MVR 231.3 million generated as net profit in 2021.

Despite the lower profit, MTCC’s board decided to distribute MVR 32.1 million as dividend at the rate of MVR 4 per share. MTCC had distributed a dividend of MVR 3.50 in 2021.

MTCC’S 2022 FINANCIAL HIGHLIGHTS

• Revenue: MVR 2.4 billion
• Gross profit: MVR 316.6 million
• Operating profit: MVR 340.6 million
• Profit before tax: MVR 236.4 million
• Business profit tax: MVR 35.4 million
• Net profit: MVR 200.9 million

The dividend approved by the board will be put to vote at the company’s annual general meeting.

With 64.20 percent of shares, the government is the majority shareholder of MTCC. General shareholders own 31.15 percent, while the remaining 4.65 percent shares are owned by Maldives National Shipping Company.