The Edition

Latest

MTCC records highest net profit in 2020

Fathmath Shaahunaz
24 January 2021, MVT 13:15
MTCC's CEO Adam Azim. PHOTO: NISHAN ALI/ MIHAARU
Fathmath Shaahunaz
24 January 2021, MVT 13:15

Maldives Transport and Contracting Company (MTCC) generated a record net profit of MVR 172.6 million for the year 2020.

According to MTCC’s quarterly report publicized Saturday, 2020’s record is a staggering MVR 119.8 million higher than 2019’s net profit of MVR 52.8 million.

The company’s total profit before tax last year was MVR 203.11 million, compared to the MVR 63.08 million in 2019.

CEO Adam Azim hailed 2020 as MTCC’s most profitable year in its 4-decade history, noting that the company did not suffer any losses despite the COVID-19 pandemic.

Noting that MTCC earned the highest revenue through marine construction, he declared that the company would aim to further expand the field.

“We’re carrying out projects simultaneously on 40 islands”, he said, adding that MTCC had the capacity to conduct three airport development projects, and road construction and reclamation at three islands for each, simultaneously.

MTCC also concluded 2020 with a record high of 34 completed projects.

MORE ON BUSINESS