The Maldives Transport and Contracting Company (MTCC) has approved a dividend of USD 0.13 per share for the financial year 2024.
The decision was made during the company’s Annual General Meeting (AGM) held at Barcelo Nasandhura on Wednesday. MTCC has decided to distribute a total of USD 356,690.07 as dividends.
A total of 156 shareholders attended the AGM, representing 69.62 percent of the company’s total shareholders. The proposed dividend was approved by 99.95 percent of the shareholders present at the meeting, based on a face value of USD 0.32 per share. Last year, MTCC paid a dividend of USD 0.19 per share for 2023, which is USD 0.065 higher than this year’s payout.
In addition to dividend approval, the minutes of the 2023 Annual General Meeting were approved, as well as the audited financial statements and the directors' report for 2024.
During the AGM, Deloitte Partners Private Limited was reappointed as the company's external auditor for the coming year, with an agreed remuneration of USD 33,092.74. Deloitte Partners has served as the company’s external auditor in recent years.
MTCC reported a net profit of USD 2.90 million after taxes for 2024, marking a 53.6 percent decline compared to the USD 6.26 million recorded in 2023.
Established in December 1981, MTCC has been playing a key role in the Maldives’ infrastructure. Over the past 44 years, MTCC has become the Maldives’ largest civil and marine contractor, and leading provider of land and sea transport services.