MTCC Reports Profit of MVR 41.77 Million in First Quarter of 2024

Maldives Transport and Contracting Company (MTCC) has revealed a solid operating profit of MVR 41.77 million for the first quarter of 2024 in its financial performance report.

However, a comparison with the same period last year reveals a slight decrease, with operating profit standing at MVR 664.44 million in the first quarter of 2023.

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The company attributes this variation to several factors, notably the surge in commodity prices, particularly oil, in the global market. This has led to increased expenditure on foreign exchange within the company’s supply chain, consequently impacting pre-tax profit, which amounted to MVR 6.17 million for the first quarter of 2024.

Despite these challenges, MTCC remains optimistic, viewing the recorded figure as in line with the previously estimated net profit for the period. The management has taken proactive measures to address the situation, ensuring operational efficiency amidst market fluctuations.

Moreover, MTCC continues to contribute significantly to the country’s infrastructure development agenda. During the first quarter of 2024, the company actively participated in 196 projects at various stages. Three projects were successfully completed, with one project initiation and six new projects commissioned during this period.

Furthermore, MTCC engaged in diverse marketing activities aimed at promoting its core business and other sectors. Additionally, as part of its corporate social responsibility initiatives, the company extended assistance in various forms, reaffirming its commitment to community welfare.

The detailed financial statements are now accessible on the company’s official website.