The Maldives Transport and Contracting Company (MTCC) posted a revenue of MVR 3.24 billion in 2023; a 31 percent increase compared to 2022.
According to MTCC’s fourth quarter (Q4) earnings report, the company posted a net profit of MVR 336.77 million at the end of the year translating to a 4 percent rise in operating profit compared to 2022.
MTCC’s revenue increased significantly at the end of the year, but revenue and profit declined overall in Q4 of 2023, posting a revenue of MVR 782.82 million in the quarter — a 25 percent decrease compared to the MVR 979.33 million in third quarter (Q3) of last 2023.
Operating profit at Q4 was MVR 43.23 million; a 58 percent decline compared to the MVR 103.74 million in Q3.
Net profit at Q4 was MVR 13.31 million marked decline when compared to the second quarter (Q2)’s MVR 43.3 million.
According to the company, profit in Q4 declined vs. Q3 due to difficulties in managing cash flow with a lot of effort being undertaken to address the problem and bring about other positive outcomes.
MTCC has successfully implemented many infrastructure development projects in Q4, having worked on 201 projects in the quarter. Four projects had been successfully completed while three new projects were launched.