Maldives Transport and Contracting Company (MTCC) has revealed that it completed eight projects and started 15 new projects during the fourth quarter of 2022.
According to Quarterly Report, MTCC worked on 125 projects in the fourth quarter of last year. MTCC successfully completed eight projects during the fourth quarter of last year. These include the shore protection projects in Hoarafushi in Haa Alifu Atoll and Nellaidhoo in Haa Dhaalu Atoll, the land reclamation projects in Nakacha Huraa in Kaafu Atoll and Dhaandhoo in Gaafu Alifu Atoll. In total, MTCC conducted 46 harbour development projects, 14 land reclamation projects, 29 shore protection projects and five airport development projects.
MTCC reported that its revenue for the fourth quarter of last year increased by 24% compared to the third quarter. In the fourth quarter, MTCC posted revenue of USD48 million which is an increase of 24% compared to USD38 million in the third quarter of last year. In addition, the company's net profit after tax declined compared to the third quarter of last year. MTCC posted a net profit of USD1.95 million in the fourth quarter of last year compared to the USD2.6 million received in the third quarter of last year.