MTCC reports 21% increase in net profit for 2021

Photo: MTCC

Maldives Transport and Contracting Company (MTCC) reported a 21% increase in its net profit for the year of 2021.

According to MTCC, the profit after tax for the year ended reached MVR232 million which had improved mainly due to the increased activities in construction and dredging components.

Despite improvements in net profit, the company reports a drop of gross profit margin by 20% and net profit margin by 12% in 2021.

Furthermore, MTCC reports that the margin drop is mainly due to the increased material prices subsequently resultant from the surge in logistical and freight charges.

The company’s operating profit for the year stood at MVR319 million, out of which MVR292 million was attributable to construction and dredging activities, MVR36 million to trading segment and just MVR4 million to transport.

Moreover, the gross revenue of the company at the end of 2021 reached MVR1,967 million (MVR1.97 billion), out of which MVR1,637 million (MVR1.64 billion) came from construction and dredging activities.

Meanwhile, MTCC reports that construction and dredging activities had risen by 47% by the end of last year.

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