MTCC records MVR 197m net profit in 2022; MVR 32m dividend proposed
MTCC released its financial statements on Thursday, with the company posting the revenue, operating profit and dividend payout in its 42-year-long history.
By
Fathmath Ahmed Shareef
MTCC on Thursday posted a net profit of MVR 197 million for 2022, with the company's board recommending dividend payouts totalling MVR 32.15 million.
MTCC released its financial statements on Thursday, with the company posting the revenue, operating profit and dividend payout in its 42-year-long history.
As per the financial report:
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Total revenue surged to MVR 2.47 billion last year compared to MVR 1.97 billion in 2021
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Operating profit stood at MVR 324.16 million; MVR 319.25 million was recorded as operating profit in 2021
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Net profit after tax deduction stood at MVR 197 million last year; MVR 232 million in the previous year
While the company reported its highest revenue and operating profit in its history last year, net profit observed a year-over-year decrease of 15.36%. The company attributed the decline to:
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Russia-Ukraine war pushed up global commodity prices
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Rising oil prices across the world and in the country
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Increase in the cost of obtaining foreign exchange
Meanwhile, the board of directors of MTCC, which met on Thursday, decided to submit the proposal at its Annual General Meeting:
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MVR 4 per share of MVR 5 face value each
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At this rate, a total of MVR 32.15 million will be disbursed as dividend
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MVR 28.13 million was distributed as dividend for 2021
Only those who have registered themselves as shareholders of the company as on April 12 will be eligible for the dividend payouts.
Last year's highlights:
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65 new infrastructure projects awarded, 42 completed
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Maldives Transport Link (RTL) ferry service started in H.A., H.Dh., and Sh. atolls
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All public bus services shifted under RTL brand, and bus services started on three routes in Male with digital payment platform
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In addition to Addu and Fuvahmulah, bus services that were halted in L. Gan, Fonadhoo and Isdhoo Kalaidhoo have also resumed
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420 events and activities organised under CSR and MVR 43.23 million have been provided
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MVR 13 million spent on K. Kudagiri, which was developed for as a picnic island for Male residents; this is the highest amount spent on a single project as part of social responsibility activities in MTCC’s history
