MTCC Rakes in Profits of MVR 145 Million

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Maldives Transport and Contracting Company (MTCC) has made a profit of MVR 145.3 million last year.

According to their annual report and financial statements, MTCC made MVR 1.2 billion worth of business transactions, and spent MVR 982 million on businesses.

The company earned a gross profit of MVR 313.9 million, with MVR 160.1 as operating profit. The company’s net profit was recorded at MVR 145.37 million after taxes.

MTCC’s shareholder returns to equity holders amounted to MVR 146 million with a Return on Equity of 15 percent in 2017. The company declared a dividend of MVR 2.4 per share from net profits of the previous year.

The company’s annual report revealed that they made profit in every sector last year.

MTCC earnings and profits 2013 – 2017

MTCC stated that although the government cut subsidy of transport services in 2016, their operational profit increased last year.

Comparing on a year to year basis, earnings had decreased from MVR 1,306 million in 2016 to MVR 1,297 million in 2017. This is a percentage decrease of 0.68. However, profits had increased in the same period; from MVR 115 million in 2016 to MVR 145.3 million. This is an increase of 26.34 percent.

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