The board of the Maldives Transport and Contracting Company Plc (MTCC) has decided not to distribute its profits as dividends this year.
The decision was made by the board following a meeting last Saturday. The company stated that the MVR34 million of net profits earned was deemed too low to give as dividends.
MTCC had previously decided the same in 2018 but did pay dividends in 2017. At the time, shares cost MVR2.60 and they earned a net profit of MVR145 million, which resulted in MVR20.6 million being distributed amongst shareholders as dividends.
64.2% of the shares of MTCC belong to the government, while public shareholders are entitled to 31.15% of the shares.
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