The Maldives Transport and Contracting Company (MTCC) which has experienced notable setbacks in recent months have started pushing towards a positive trend in light of rise in large-scale projects.
The state and public owned, public limited corporation has already completed 17 projects successfully that were contracted. In addition to this, MTCC’s portfolio has expanded with over 38 different projects under the company’s belt, which are ongoing.
The significant rise in large-scale projects that are contracted to MTCC has also reflected on the company’s income statement with the profit bar increasing.
Among the major projects that the company is contracted with include development of Thaa atoll Madifushi harbor at a project cost of MVR52.2 million, installation coastal protection at Alif Alif atoll Rasdhoo for a project cost of MVR11.5 million.
Dredging and land reclamation of Haa Alif atoll for airport development at a project cost of MVR67 million, land reclamation and shore protection of Fares-Maathoda at a project cost of MVR51 million.
The land reclamation and shore protection of Kaafu atoll Huraa at a project cost of MVR46 million and development of Vaavu atoll Keyodhoo harbor at MVR29 million are also among several other projects that the company has been contracted with.
The change to MTCC’s business model by the new management of the company has resulted in the transport and contracting company expanding their business towards the private sector as well.
The public limited corporation previously operated only on government awarded projects, but with the new direction towards expanding business territory to the private sector comes bearing glad tidings for not just the company but to its shareholders as well.
The new frontman of MTCC Mr Hassan Shah notes that though the company was experiencing serious financial loss until June 2019, the change to the company’s policies and new operating standards have resulted in reversing the effect to a positive one since July.
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