Maldives Transport and Contracting Company (MTCC) posted a profit of MVR85 million last year.

This is a 88 percent increase from the previous year.

According to MTCC’s annual report, the company recorded a profit of MVR 45 million in the previous year, its lowest profit in five years.

The company posted a profit of MVR232 million in 2021.

Despite the increase in profit, MTCC’s revenue fell by 1 percent last year to MVR2.1 billion.

Construction and reclamation accounted for the largest share of the company’s revenue, generating MVR1.7 billion. Trading generated MVR244 million, while the transport sector contributed MVR150 million.

The slight decline in overall revenue was attributed to lower trading revenue.

Administrative expenses increased by 6 percent to MVR367 million. Operating expenses also increased, while marketing expenses fell from MVR20 million to MVR13 million.

MTCC spent MVR814 million on salaries, allowances and other benefits for its 5,395 employees, an increase of MVR65 million from the previous year. The company spent MVR749 million on employee salaries and benefits in 2024.