Maldives Transport and Contracting Company (MTCC) reported an annual income of MVR2.47 billion in 2022.
With a 26% increment compared to the annual income of MVR1.97 billion in 2021, MTCC reported that this is the highest-ever it had generated.
MTCC further said that construction and dredging segment recorded a significant revenue boost with the increase in the number of construction projects carried during the year.
Core Business Activities
- Contracting and Dredging: 82.54% | MVR2.04 billion
- Trading: 12.04% | MVR297 million
- Transport: 4.43% | MVR110 million
- Other: 0.99% | MVR24 million
Operating Profit
MTCC reported a 1.5% increment in their operating profit to MVR324 million compared to MVR319 million in 2021.
Out of the total operating profit for the year, MVR67 million is attributable to trading, MVR232 million to contracting, MVR11 million to transport, MVR18 million to other business activities, and a loss of MVR4 million from real estate.
Net Profit
MTCC reported that its profit after tax decreased 15% compared to the previous year, mainly due to increased cost of materials and finance cost expended during 2022.
Despite this, there was a substantial improvement in revenue while the gross profit margin fell to 12% from 20% in 2021, and the net profit margin fell from 12% in 2021 to 8% last year.
Meanwhile, MTCC has announced a dividend of MVR 4 for every MVR 5 share. The company announced a total dividend payout of MVR32.15 million from the retained profit of 2022, compared to the MVR28.13 million dividend payout in 2021.
This is also the highest-ever dividend payout announced by MTCC in its 42-year long history.