MTCC Operations, Photo: Sun

MTCC Reports Record Revenue but Decline in Profits for 2023

The Maldives Transport and Contracting Company (MTCC) has announced its highest-ever total revenue of MVR 3.2 billion for 2023, according to the company's annual report.

This figure represents a 20 percent increase from the MVR 2.47 billion recorded in 2022, continuing a positive revenue trend that began in 2020.

The surge in revenue is primarily attributed to an increase in construction and dredging projects. The breakdown of revenue by segment is as follows:

  • Construction and dredging: MVR 2.7 billion
  • Trading: MVR 284 million
  • Transport: MVR 145 million
  • Real Estate: Nil
  • Other segments: MVR 21 million

Notably, 85.98 percent of MTCC’s revenue is generated from construction and dredging activities.

Despite the record revenue, MTCC’s profit after tax for 2023 saw a significant decline, dropping 50 percent to MVR 97 million from MVR 196 million in 2022. The increase in financial costs, which rose by 61 percent to MVR 162 million in 2023 from MVR 95 million in 2022, contributed to the reduced profitability.

MTCC, a public company with the government holding a majority share of 64.20 percent, also includes Maldives National State Shipping with 4.65 percent of shares and the general public holding 31.5 percent.