MTCC records MVR 3.2B in total revenue for 2023 but profit drop

MTCC Tower. (Sun Photo/Mohamed Muzayyin Nazim)

Maldives Transport and Contracting Company (MTCC)’s annual report for the year 2023 shows that the company recorded MVR 3.2 billion in total revenue, however, a drop in profit after tax.

This marks the highest total revenue earned in the company’s history.

In 2022, MTCC earned 2.47 billion in total revenue. Henceforth, MVR 3.2 billion in 2023 amounts to an increase of total revenue by 20 percent. Notably, MTCC’s total revenue has been on an upward trajectory since 2020.

The company attributed the increased total revenue to the increased construction and dredging projects undertaken.

The revenue of the company by its segments are as follows;

Construction and dredging: MVR 2.7 million

  • Trading: MVR 284 million
  • Transport: MVR 145 million
  • Real Estate: Nil
  • Other segments: MVR 21 million
MTCC Annual Report 2023: Revenue by segments.

85.98 percent of the company’s revenue comes from construction and dredging projects.

MTCC earned MVR 97 million in profit after tax in 2023, a steep 50 percent decrease in profit after tax earned in 2022 which stood at MVR 196 million.

The company’s financial cost in 2023 stood at MVR 162 million marking a 61 percent increase compared to 2022, during which the financial cost stood at MVR 95 million.

MTCC is a public company where the government holds the majority share at 64.20 percent. Maldives National State Shipping 4.65 percent of the shares while the general public holds 31.5 percent of the shares.