Maldives Transport and Contracting Company (MTCC) reports a 21% increment in its profit after tax for the year 2021.
The company’s profit after tax for the previous year was recorded at MVR232 million, which was driven mainly by the notable contribution from construction and dredging activities.
Though MTCC reports an increment in its profit after tax from MVR191 million in 2020, the gross profit margin however, fell by 20% and the net profit margin fell by 12% in the review year, owing to the increased material prices reflective from the hiked logistical and freight charges on importation.
Furthermore, MTCC reported an operating profit of MVR319 million out of which MVR36 million was attributable to trading, and MVR292 million to construction and dredging with just MVR4 million attributable to transport while the real estate segment recorded no profit.
The state-owned enterprise recorded a gross revenue of MVR1,967 million (MVR1.97 billion) for the year ended, out of which MTCC earned MVR1,637 million (MVR1.64 billion) from construction and dredging activities while it earned MVR240 million from trading and another MVR58 million from transport.
Revenues earned from construction and dredging activities increased by 47% in 2021 compared to the previous year.