The Maldives Transport and Contracting Company (MTCC) has approved a dividend of MVR 2 per share from its 2024 profits.

The decision was finalised on Tuesday during the company's Annual General Meeting (AGM) held at the Ari Ballroom of the Barceló Nasandhura, with voting conducted via the MSD FahiVote platform.

A total of 156 shareholders participated in the AGM, representing 5,587,737 shares. The resolution to pay MVR 2 per share, based on a nominal value of MVR 5 per share, received overwhelming approval from 99.95 per cent of the votes cast by participating shareholders. Based on the shares represented, this indicates a total dividend payout of approximately MVR 11.18 million. This year's dividend marks a decrease of MVR 1 per share compared to the MVR 3 per share paid out last year.

MTCC's 2024 financial statements reveal a net profit of MVR 44.8 million after tax deductions. This figure represents a significant 53.6 per cent decrease compared to the MVR 96.6 million profit recorded in 2023, reflecting a challenging year for the company.

During the AGM, shareholders also officially approved the minutes from the 2023 AGM, as well as the audited financial statements for 2024 and the Directors' Report.

Additionally, Deloitte Partners was re-appointed as the company's external auditor for the coming year, with an approved fee of MVR 510,300. Deloitte Partners has previously served as MTCC's external auditor.