Pres. congratulates MTCC on most successful year, despite ongoing challenges

President Ibrahim Mohamed Solih has congratulated Maldives Transport and Contracting Company (MTCC) on its ‘most successful year’ despite the difficulties presented by the ongoing Covid-19 pandemic.

The president said this at MTCC’s 40th anniversary celebrations on Friday.

Highlighting the MTCC’s valuable services since formation in 1980 as well as its achievements, President Solih stated that the “exemplary leadership of MTCC is evident as the company earned MVR 140 million in profit before tax within the first three quarters of 2020”.

Further praising MTCC for its vital role in implementing the government’s policies to ensure basic services nationwide, Solih highlighted its essential role in the government’s efforts to expedite developmental efforts to ensure quick recovery from the economic impact of Covid-19.

The president also noted the government’s planned projects in the islands for the upcoming year under its decentralized development policy, to be carried out by MTCC. He expressed confidence that the company will meet deadlines for projects awarded to it, in light of its proven track record.

Highlighting that making transportation services more efficient and accessible is “a high administration priority,” Solih said that the government is also planning a significant project in the upcoming year that “will transform sea transportation across the country”.

He did not reveal any further details, except that the Ministry of National Planning, Housing and Infrastructure will soon begin deliberations on this project alongside MTCC.

The President also inaugurated a special book commemorating the 40th anniversary of MTCC, at “Kaamiyaabu 40” event.

While MTCC earned a profit of MVR 140 million within the first three quarters of 2020, its CEO Adam Azim said that they will end the year with a total profit of MVR 200 million.

He said the company’s aim is to increase net profit by MVR 50 million each year so that it will be earning a profit of MVR 350 million in 2023.

The company had recorded a profit of MVR 53.3 million in 2019, almost double from the MVR 34 million earned in 2018.

MTCC was incorporated on 18 December 1980, as the first public company in the Maldives