MTCC AGM 2025: MTCC approves MVR 3 dividend
Shareholders approved a dividend of MVR 3.00 per share for 2025 at Maldives Transport and Contracting Company’s annual general meeting, appointed Deloitte Partners as external auditor and named the company’s directors.
Shareholders of Maldives Transport and Contracting Company (MTCC) approved a dividend of MVR 3.00 per share for the 2025 financial year at the company’s Annual General Meeting (AGM) 2025, held online through FahiVote tonight at 8:30pm.
The 2025 dividend is MVR 1 higher than the MVR 2 per share paid for 2024. It matches the MVR 3 paid for 2023, which cost about MVR 24.1 million in total. MTCC paid MVR 2.60 per share for 2017, skipped 2018 when profit fell to MVR 34 million, and paid MVR 2 for 2019, MVR 3 for 2020 and MVR 3.50 for 2021, the highest in its history. For 2022, the board proposed MVR 4 per share, about MVR 32 million, but shareholders voted it down at the 2023 AGM.
The payout follows a rebound in profit. MTCC’s 2025 annual report shows revenue of MVR 2.134 billion, down 1.04%. Operating profit rose 8% to MVR 179 million and profit after tax rose 88% to MVR 84.8 million from MVR 45.2 million. That followed a weak 2024, when payment delays on projects cut construction and dredging revenue by 37%.
Shareholders appointed Deloitte Partners as the company’s external auditor. Deloitte was also reappointed at last year’s AGM.
MTCC announced the five government-appointed directors:
Saadha Ibrahim, Chairperson
DCP (Retd) Ahmed Saudee, Managing Director and Executive Director
Mohamed Jamsheed, Deputy Managing Director and Executive Director
Ali Naail, Non-Executive Independent Director
Yaseen Hussain, Non-Executive Independent Director
Shareholders also elected Hussain Hassan Fulhu to the board as the director representing public shareholders.
