Maldives Transport and Contracting Company (MTCC) has recorded a 253% increase in its net profit for 2020, compared to the previous year.
As per the annual financial report of MTCC, the company generated a net profit of USD 14.6 million in 2020, which is a 253% increase compared to the USD 4.1 million recorded in 2019. MTCC stated 2020 was its most profitable year in its 40-year history.
The bulk of MTCC’s profits in 2020 came from the infrastructure projects conducted by the company last year. The state-owned company completed a record 36 projects across the Maldives last year.
Furthermore, MTCC had also expanded its transport services last year, providing public transport services in the Greater Male’ Region and 16 different atolls. MTCC also conducted several marketing and promotional activities to develop and strengthen other businesses conducted by the company.