MTCC records quarterly revenue of MVR484.61mn in Q3-2021

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Maldives President Ibrahim Mohamed Solih at the ceremony to commemorate 41st anniversary of MTCC | Photo: President’s Office

The quarterly revenue report from Maldives Transport and Contracting Company (MTCC) confirms a revenue of MVR484.61 million earned during Q3-2021.

Moreover, the net profit for the company in the review quarter reached MVR56 million with an operating profit of MVR71 million.

According to MTCC, the quarterly revenue to the company grew by 14.5% when compared with the preceding Q2-2021 where revenue stood at MVR423.32 million.

Furthermore, MTCC observed growth in all of its core business segments which in turn drove up the revenue during the review quarter. As such, contracting and dredging remained as key contributors with trading and transport contributing second most.

Contracting segment grew by 8.73% during Q3-2021 while dredging component remained relatively at same levels and observed just a 1.15% growth when compared with the previous quarter.

On the other hand, trade and transport segments saw significant bump with an increase in net revenue by 67.5% and 68.4% respectively.

Trade segment expanded following the transfer of MPL bus operations under MTCC in July 2021.

Meanwhile, the company’s total assets grew by 8% to MVR2.97 billion as of 30 September owing to the transfer of MPL buses and acquisition of other heavy machinery.

In addition to this, the total revenue of MTCC on a year-to-date basis reached MVR1.33 billion with a profit before tax of MVR212.18 million by end of September.

MTCC estimates that the company has the potential to generate an annual total revenue of MVR1.8 billion with a profit before tax of MVR270 million.

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