The Maldives Transport and Contracting Company (MTCC) concluded 2024 on a stable footing, completing 26 projects and posting a net profit of MVR 45.2 million. The year was marked by financial pressures and operational shifts, but the company, one of the Maldives’ largest State-owned enterprises, managed to maintain profitability.

Financial review

MTCC reported total revenue of MVR 2.16 billion for the year, representing a 33 per cent decline compared to 2023. The drop was primarily driven by delayed receivables, which placed significant strain on the construction and dredging segments. Despite this, the construction and dredging division remained the company’s largest revenue contributor, bringing in MVR 1.72 billion.

The financial strain was partially offset by a Government grant of MVR 350 million, issued to support projects affected by funding delays. Operational cashflow remained positive, and the company reduced capital expenditure by 69 per cent to MVR 161 million, prioritising key upgrades such as dredging equipment and new vessel procurement.

Key projects delivered across the islands

MTCC delivered a series of major infrastructure projects across the country in 2024. These included land reclamation and coastal protection works in Noonu Maafaru and Alifu Alifu Ethere Madivaru, as well as shoreline reinforcement in Raa Innamaadhoo, Thaa Vilifushi, and Haa Alifu Hoarafushi.

Harbour and channel development projects were completed in Alifu Alifu Maalhos, Meemu Muli and Haa Dhaalu Kumundhoo. Road construction projects were finalised in Haa Alifu Hoarafushi and Fuvahmulah City. In the airport development segment, MTCC completed phase two of the Maafaru International Airport expansion, including a runway extension and coastal protection works.

Investments in people and systems

The company continued to prioritise workforce development. In 2024, more than 1,200 employees participated in 177 training programmes focused on technical skills, compliance, customer service, and leadership. MTCC also expanded its apprenticeship initiative, the Hunavaru Program, with 14 candidates taking part during the year.

By the end of 2024, MTCC’s workforce stood at 4,272 employees, with Maldivians comprising 2,332 of the total staff.

CSR and community outreach

Under its Corporate Social Responsibility (CSR) programme, MTCC contributed MVR 11.1 million towards various public service and community initiatives. Key contributions included transport support for schools and Government agencies, and the restoration of Malé’s Jumhooree Fountain, the year’s most prominent CSR project.

Looking ahead to 2025

MTCC has set a bold revenue target of MVR 2.6 billion for 2025 and aims to complete a minimum of nine projects per quarter within its Construction and Dredging Division. With more than 180 ongoing projects in this segment alone, the company is looking to accelerate delivery while also expanding its footprint across other areas, particularly public transport.

Plans for the year include widening the ferry network under the Raajje Transport Link (RTL), with new routes and digital fare system enhancements in the pipeline. Additionally, MTCC is preparing to roll out a taxi service in the Greater Malé Region, aimed at improving urban mobility.

Despite continued challenges in project financing and resource constraints, MTCC’s leadership remains optimistic. “We are stabilising our operations and strengthening our foundations,” said Managing Director Ahmed Saudee in the company’s annual report.