Maldives Transport and Contracting Company (MTCC) has decided to once against distribute MVR 4 per share from profits received in 2022.
Maldives Transport and Contracting Company (MTCC) has decided to once against distribute MVR 4 per share from profits received in 2022.
The decision was reached at the company's Extraordinary General Meeting (EGM).
The EGM was held online on the FahiVote platform and saw the participation of 47 shareholders.
The decision was to distribute MVR 5 as share face value MVR 4 as dividend. This is MVR 0.50 more than the amount distributed in 2021.
Although this is the highest profit per share that is being distributed by MTCC, this did not get approval in June's Annual General Meeting (AGM).
61 attendees of the AGM voted against distributing dividends, which is 53 percent of those who participated in the vote.
The EGM was held to deliberate again about distributing dividends as it had been rejected during the AGM, and the board of directors at the time had decided to conduct a further meeting to decide on the matter.
MTCC received MVR 196 million as net profits after tax in 2022. This is MVR 36 million less than the previous year. The net profits had decreased due to debt repayment and the hike in fuel prices. That year, the company had a revenue of MVR 2.5 billion.
In yesterday's EGM, the company also passed amendments to its basic policies and organizational guidelines.
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