The Maldives Transport and Contracting Company Limited (MTCC) has revealed plans to diversify its business by venturing into boat building services. The statement was made by Chief Executive Officer (CEO) Abdulla Ziyad during the company's Annual General Meeting (AGM) held at the Umar Zahir Building.
Responding to shareholder inquiries about business expansion efforts and continuity of previous management's strategies, Ziyad highlighted the company's commitment to advancing development plans, including the initiation of boat building projects. He said that under the previous management of MTCC, efforts were directed towards expanding dredging projects and other operational scopes, with successful establishment of a shipping repair yard. He also expressed optimism that the company would diversify into becoming a company that provides boat building services by the next AGM.
Meanwhile, Chairperson of MTCC Mohamed Afeef Hussain highlighted the company's focus on revenue growth through international and private sector projects. He also reaffirmed the company's dedication to shareholder engagement and openness to feedback.
MTCC currently operates a prominent boatyard in Thilafushi, capable of accommodating up to 20 vessels concurrently, making it one of the largest docking facilities in the Maldives.
During the AGM, MTCC also approved a dividend of USD 0.19 per share and appointed Deloitte Partners as its auditor for the upcoming year. Shareholders attended the meeting both online and in person.
The latest statistics released by MTCC show a substantial revenue increase of 31% to USD 210 million last year, with a net profit rising by 4% to USD 22 million compared to the previous year.