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MTCC to forgo distribution of 2018 dividend

Mariyam Malsa
20 May 2019, MVT 15:15
The 2017 Annual General Meeting (AGM) of Maldives Transport and Contracting Company (MTCC). PHOTO: HUSSAIN WAHEED/ MIHAARU
Mariyam Malsa
20 May 2019, MVT 15:15

The board of Maldives Transport and Contracting Company (MTCC), on Saturday, decided not to distribute its 2018 profits as dividend.

The decision was reached during a board meeting and will be announced at MTCC's upcoming Annual General Meeting. The state-owned transport company, which earned a profit of MVR 34 million in 2018 attributed the decision to low-profit levels.

In 2017, MTCC made MVR 145 million in profits and distributed a total of MVR 20.6 million in dividends which amounted to MVR 2.60 per share.

The government currently owns 64.2 percent of MTCC shares while the remaining 31.15 shareholders are members of the general public.

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