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MTCC records highest ever year-end profits: President Solih

20 December 2020, MVT 11:44
President Ibrahim Mohamed Solih, pictured at an interview with a local media outlet. PHOTO: MIHAARU
20 December 2020, MVT 11:44

President Ibrahim Mohamed Solih, on Thursday, revealed that Maldives Transport and Contracting Company PLC (MTCC) generated the highest profit since its establishment in 1980, amidst an economic regression triggered by the ongoing global COVID19 pandemic.

During President Solih’s address delivered via video, to commemorate the company’s 40th anniversary, he noted the immense revenue recorded by the company and declared the figures as a testament to MTCC’s functional productivity.

MTCC was established for the purpose of providing the people with immediate and efficient access to services that serve fundamental needs, said the President.

Stating that the MTCC’s exemplary performance made it a role model to others with regards to providing these essential services as well as in ensuring that the values touted by the incumbent administration are implemented, the president reiterated that with this year’s success, MTCC had once more proven its competence.

“The fact that the company earned over MVR 140 million in revenue before taxes”, declared President Solih, “whilst withstanding the many challenges of operating during the time of COVID19, serves as evidence to the company’s financial competence and stability”.

Further, President Solih surmised that the dire economic repercussions brought on by the pandemic demanded a shift toward a more diverse, innovative development path, and acknowledged there were still changes that needed to be made, in line with the administration’s decentralisation policy.

Following the statement, he described the importance of resolving various issues plaguing the transportation sector as being one of the most pressing, at this present time.

The president then offered reassurances that the modernisation of seafaring and ferrying would be one of his government’s highest priorities in the coming year, adding that discussions were set to commence between MTCC and the Ministry of Planning and Infrastructure, in the near future.

In addition, President Solih also made a nod to plans for infrastructure development projects slotted to commence in 2021, including the installation of sewerage systems, road paving and construction of harbour areas.

“Of these, I have no doubt that MTCC will be able to conclude the projects handed over to the company effectively and within the stipulated time frame”, he affirmed.

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