Business

MTCC Breaks Revenue Record in 2020, Triples Net Profit Compared to Previous Year!

Maldives Transport and Contracting Company (MTCC) has released its Q4 financial report from last year, which shows that the company generated a record amount of revenue and profits during 2020.

In a press conference on Saturday, MTCC CEO Adam Azim stated that 2020 was the company’s best performing year in its 40-year history.

In 2020, MTCC earned a profit before tax of MVR 203.11 million, which is significantly higher than the MVR 63.08 million earned in 2019.

MTCC generated MVR 1.35 billion as revenue in 2020, which is also higher compared to the MVR 1.14 billion in 2019.

MTCC declared a profit after tax of MVR 172.6 million in 2020, thereby tripling the 2019 figure of MVR 52.8 million.

“Our highest profit was generated from the marine construction sector,” said Azim. “The marine construction sector is very expansive. We work on 40 islands concurrently. We also have the capacity to work on three airports and develop roads in three islands concurrently, as well as the capacity to reclaim land in three islands concurrently. MTCC is therefore running at a very good capacity.”

Looking at the Q4 financial performance alone, MTCC generated a revenue figure of MVR 400 million and a profit after tax of MVR 53.4 million, making the quarter the most successful quarter for the company in 2020.

Full details are available at the link below:

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