The Maldives Transport and Contracting Company (MTCC) has approved a dividend payout of USD 0.13 per share for the financial year 2024, reflecting a decrease from the previous year’s distribution. The decision was confirmed at the company’s Annual General Meeting (AGM), held on Wednesday at the newly inaugurated Barceló Nasandhura Hotel in Malé.
A total of 156 shareholders, representing 69.62% of the company’s ownership, participated in the meeting. The proposed dividend was overwhelmingly endorsed, with 99.95% voting in favor. This year’s dividend—based on a face value of USD 0.32 per share—amounts to a total disbursement of USD 356,690.07. In comparison, the company had distributed USD 0.19 per share in dividends for 2023, marking a reduction of USD 0.065 per share this year.
In addition to approving the dividend, shareholders also ratified the minutes of the previous year’s AGM, along with the company’s 2024 audited financial statements and directors’ report.
The AGM also confirmed the reappointment of Deloitte Partners Private Limited as MTCC’s external auditor for the coming year. Deloitte will continue in this role with an approved remuneration of USD 33,092.74, continuing its multi-year partnership with the company.
Financial disclosures during the meeting showed a significant decline in MTCC’s earnings. The company posted a net profit of USD 2.90 million for 2024, a 53.6% drop from the USD 6.26 million recorded in 2023. Company officials attributed the decrease to a range of operational challenges, though specific details were not disclosed at the meeting.
Founded in December 1981, MTCC has long been regarded as a cornerstone of national development. As the country’s largest civil and marine contractor and a leading provider of transport infrastructure and services, MTCC has played a central role in shaping the Maldives’ physical and logistical landscape for over four decades.
Despite the decline in profits, MTCC remains a key player in the nation’s infrastructure development, with ongoing projects and future investments expected to support long-term stability.
