According to the quarterly financial report of Maldives Transport and Contracting Company (MTCC) recorded a revenue of MVR484.61 million in the third quarter of 2021.
The net profit for the company in the review quarter is MVR56 million while MTCC observed an operating profit of MVR71 million while the earnings per share is currently at MVR6.92.
Moreover, the earnings for the company in the review quarter had observed a growth of 14.5% compared to the revenue earned in the second quarter of the year – where it had reached MVR423.32 million.
Furthermore, the quarterly report of MTCC also identifies that the growth in revenue was reflected in all the core segments of the company while contracting and dredging remains the key contributors for the revenue.
In addition to this, trading and transport segment had contributed second strongest towards the revenue.
Contracting segment recorded an increase in revenue of 8.73% whereas dredging revenue remained relatively constant with just 1.15% increase from the preceding quarter.
On the other hand, trade and transport segment showed significant growth with an increase in net revenue of 67.5% and 68.4% respectively. MTCC took over the MPL bus operation back in July resulting in the increase in transport revenue for the review quarter.
Moreover, the company’s total assets grew by 8% to MVR2.97 billion as of 30th September 2021, with the increase reflected in the PPE additions with the transfer of buses from MPL along with other heavy machinery acquirement.
Meanwhile, nearly 75% of the company’s current assets are trade and other receivables. Increased number of projects resulted in the surge of trade and other receivables by MVR172 million.
Furthermore, the total revenue (on year-to-date basis) has reached to MVR1.33 billion with a profit before tax of MVR212.18 million by the end of September 2021. MTCC estimates that the company has the potential to generate an annual revenue of MVR1.8 billion with a profit before tax of MVR270 million by the end of the year.