The Maldives Transport and Contracting Company (MTCC) has reported a net profit of MVR 151.3 million in quarter 4 of 2024, marking a significant financial turnaround from the MVR 18.1 million loss recorded in quarter 3.

According to MTCC's quarter 4 financial report, total revenue reached MVR 418.2 million, reflecting a decline from quarter 3’s MVR 587.1 million. Despite the decrease in revenue, the company significantly improved its cost management, resulting in higher profitability.

Operating profit surged to MVR 177.5 million, a dramatic increase from MVR 12.7 million in quarter 3, highlighting effective operational efficiencies and strategic financial decisions.

MTCC also reported a strong recovery in earnings per share (EPS), which rose to MVR 18.82 in quarter 4, compared to MVR 2.25 in quarter 3. Additionally, the net asset value per share increased to MVR 222.21, reflecting improved shareholder value.

During quarter 4 of 2024, MTCC managed 189 projects, including 74 harbour construction projects, 32 reclamation and shore protection projects, 12 building construction projects, and six airport construction projects.

Among the nine projects completed during the quarter, notable achievements included the Shaviyani Funadhoo football ground subbase works, dredging of the Hulhumalé harbour, Haa Alif Baarah channel and maintenance dredging project, the design and construction of the Haa Dhaalu Kumundhoo Harbour Channel, and the development and expansion of Maafaru Airport.

In addition to its infrastructure projects, MTCC continued its corporate social responsibility (CSR) initiatives, including the Suzuki Beach Cleanup 2024 and providing equipment support for the MNDF Air Station Project in Gan.