MTCC shareholders have approved to distribute MVR 3 per share, at their Annual General Meeting held at the Multi-Purpose Hall of the Umar Zahir Building last evening.
MTCC shareholders have approved to distribute MVR 3 per share, at their Annual General Meeting held at the Multi-Purpose Hall of the Umar Zahir Building last evening.
The distribution, which includes a face value of MVR 5 per share and MVR 3 for dividend, was approved by 99.6 percent of the 374 shareholders who attended the AGM.
Shareholders registered with MTCC by March 23 will be eligible for the distribution.
Last year, MTCC posted a profit of MVR 3.2 billion, which is 30 percent lower than the revenue in 2022. The company reported a net profit of MVR 97 million in 2023, a 50 percent decline from the MVR 196 million earned in the previous year. The annual report attributed the profit decline to increased expenditure on provisions and repayments.
In 2022, the company's revenue was divided at MVR 4 per share.
The initial decision to distribute the amount, taken at the AGM in June last year, was not approved, but was later reversed at an extraordinary general meeting (EGM) held last month, where the distribution was finally approved.
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