The Maldives Transport and Contracting Company (MTCC) recorded a net profit of MVR 85 million last year, an 88 percent increase from the previous year.
Despite the profit growth, MTCC’s revenue declined by one percent to MVR 2.1 billion, mainly due to lower trading income. Construction and dredging remained the company’s biggest revenue source, generating MVR 1.7 billion, while trading and transport services contributed MVR 244 million and MVR 150 million respectively.
Administrative expenses rose six percent to MVR 367 million, while marketing expenses dropped from MVR 20 million to MVR 13 million.
The company also spent MVR 814 million on salaries and allowances for its 5,395 employees, up MVR 65 million from the previous year.
MTCC’s latest profit marks a notable improvement after the company recorded only MVR 45 million in total profit over the preceding five years.
