Managing Director of Maldives Transport and Construction Company (MTCC), Adam Azim, announced on Friday that the company has secured projects worth MVR 5 billion and that their goal is to increase revenues to MVR 3 billion, which would result in a net profit of MVR 300 million.
Speaking to reporters after the company's Annual General Meeting (AGM), Azim said the confidence of the private sector and the government in the company has increased and the number of projects received has increased significantly.
"We took it from one billion to 2.4 billion in three years. It took 40 years to reach one billion. That's why I'm aiming to achieve another billion in one year," he said.
Last year, the company initiated 65 projects and successfully completed 42 of them. Additionally, the company currently has several ongoing projects across the country.
The company experienced a remarkable increase in revenue last year, with a surge of MVR 600 million compared to the previous year. This significant growth is nearly double the revenue generated over the past three years. In total, MTCC earned MVR 2.5 billion in revenue during the last year.
Last year, construction and dredging activities generated the highest revenue for the company. These works generated revenues of MVR 2 billion, which amounts to 80 percent of the company's total revenue.
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