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MTCC approves MVR 2 per share as 2019 dividend

Mariyam Malsa
28 September 2020, MVT 12:13
MTCC headquarters in Male' City. FILE PHOTO: HUSSAIN WAHEED / MIHAARU
Mariyam Malsa
28 September 2020, MVT 12:13

Maldives Transport and Contracting Company (MTCC), on Sunday, revealed that the company's shareholders approved the distribution of MVR 2 per share for 2019.

The decision was finalised at MTCC's Annual General Meeting (AGM), which was virtually held through the Maldives Securities Depository (MSD)'s online portal ' FahiVote'.

According to statistics approved during the AGM, MTCC's 2019 net profit increased by 55.57 percent compared to figures from 2018.

The company had recorded a profit of MVR 53.3 million last year, an uptake of nearly double the MVR 34 million earned in 2018.

The company had decided to forgo distribution of its 2018 dividend due to low-profit levels.

MTCC, which undertakes projects in construction, transportation, harbour development and repair of marine vessels, reported gains in the areas of real estate, general business and lagoon dredging.

The company experienced the most substantial increase in real estate, with a profit of MVR 16 million. Compared to the MVR 4 million recorded the previous year, the aforementioned figure represents a 273.55 percent increase.

Additionally, MTCC also recorded a 9.9 percent increase in general business, receiving MVR 262.8 million in 2019 compared to MVR 239 in 2018.

In terms of lagoon dredging projects undertaken by the company in 2019, MTCC received MVR 198.36 million while MVR 197 million was recorded in 2018. The difference constitutes a 0.68 percent increase.

The most significant fall in profit was recorded for transportation services, with a decrease of 34 percent. While MTCC only collected MVR 90.2 million in 2019, the fall in profit was attributed to the establishment of the Sinamale' Bridge, which altered patterns of transport in the Greater Male' Region.

The MVR 557.8 million received via construction projects constituted 48 percent of MTCC's total revenue, despite the decrease noted in comparison to 2018's income from the sector.

A total of 44 shareholders participated in MTCC's virtual annual general meeting.

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

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