Posted on May 2, 2022
Maldives Transport and Contracting Company (MTCC) reports an increase in the enterprise’s profit after tax by 21 percent in 2021.
According to the state-owned enterprise, the notable increment in profit after tax is directly contributed by improved activities in the company’s construction and dredging segments.
Despite recording an annual profit after tax improvement in 2021 compared to 2020, it was confirmed that MTCC reported a 20 percent drop in its gross profit margin, and another 12 percent drop in net profit margin in 2021.
MTCC reports that the profit margin decline is subject to increased material prices with the subsequent rise in logistical and freight charges owing to the prevailing Covid-19 pandemic.
Furthermore, the enterprise reports a total group revenue of MVR1,967 million, with the major segments of the company contributing to the total revenue, as follows;
– Construction and Dredging – MVR1,637 million (2020: MVR1,116 million)
– Trading – MVR240 million (2020: MVR180 million)
– Transport – MVR58 million (2020: MVR51 million)
Moreover, MTCC reports that the revenue earned from construction and dredging activities grew by 47 percent in 2021 when compared with 2020.
Overall, MTCC reports an annual increase by 43 percent in the enterprise’s revenue.
