Maldives Transport and Contracting Company (MTCC) has approved a dividend of 2 rufiyaa per share from the profits earned in 2024. MTCC passed this resolution at the company’s Annual General Meeting held at Barcelo Nasandhura. MTCC has decided to distribute a total of 5.5 million rufiyaa as dividends this year. A total of 156 shareholders participated in MTCC’s 2024 Annual General Meeting. This represents 69.62 percent of MTCC’s total shareholders.
The decision to distribute 2 rufiyaa per share as dividends, from a face value of 5 rufiyaa, was passed with 99.95 percent of the votes from participating shareholders. Last year, MTCC distributed 3 rufiyaa per share. Therefore, this is a decrease of 1 rufiyaa. At this meeting, the minutes of the 2023 Annual General Meeting were approved. Additionally, the audited financial statements for 2024 and the Directors’ Report were also approved.
Furthermore, Deloitte Partners has been appointed as the company’s external auditor for the upcoming year, with a remuneration of 510,300 rufiyaa approved at this meeting. Deloitte Partners has also served as MTCC’s external auditor in previous years. Looking at MTCC’s 2024 financial statements, the company earned a net profit after tax of 44.8 million rufiyaa. This is a 53.6 percent decrease compared to the 96.6 million rufiyaa profit earned by the company in 2023.
MTCC, established in December 1981, plays a crucial role in the Maldives’ infrastructure development and building of social resources. Over the past 44 years, MTCC has become the largest civil and marine contractor in the Maldives. The company has also become the leading provider of land and sea transportation services.
