Maldives Transport and Contracting Company (MTCC) has recorded a 16.4% increase in revenue in the first quarter of this year compared to last year.
The quarterly report shows MTCC generated a revenue of USD 27.6 million this quarter, while the company received USD 23 million in revenue in the first quarter of 2020. The report also shows MTCC recorded an operating profit of USD 5.4 million for this quarter, while the operating profit for the first quarter of 2020 was at USD 4.7 million.
The quarterly report shows MTCC received USD 4 million in profit after tax, which is an increase compared to the USD 3.5 million in profit after tax for the first quarter of 2020. MTCC currently has an earnings per share of USD 0.50.
The state-owned company conducted numerous infrastructure development projects this quarter, with 5 completed projects and 77 projects under development. MTCC has also conducted marketing campaigns for the various businesses of the company and begun work on developing the integrated national public ferry network after signing the agreement with the Ministry of National Planning and Infrastructure.