Maldives Transport and Contracting Company (MTCC) recorded MVR 2.1 billion in revenue and a net profit of MVR 42.03 million in 2025, recovering from a loss at the beginning of the year as stronger revenue and lower costs improved performance during the latter quarters.
Financial statements published by the state-owned company show that MTCC ended the year on its strongest quarter, generating MVR 724.4 million in revenue and MVR 62.8 million in net profit during the fourth quarter.
Fourth-quarter revenue was around 45 percent higher than the MVR 501.1 million recorded in the third quarter, reflecting a sharp improvement in business activity towards the end of the year.
The performance marked a significant turnaround from the first three months of 2025, when MTCC reported MVR 418.4 million in revenue but incurred a net loss of MVR 62.1 million, largely due to higher operating expenses.
The company returned to profitability in the second quarter, earning MVR 27.9 million in net profit on revenue of MVR 490.3 million.
Revenue increased further to MVR 501.1 million in the third quarter, although net profit moderated to MVR 13.3 million.
A stronger final quarter ultimately offset the losses recorded at the beginning of the year. Combined profits from the second, third and fourth quarters brought MTCC’s full-year bottom line to approximately MVR 42.03 million after accounting for the first-quarter loss.
The improvement was supported by revenue growth alongside measures taken to reduce expenditure, with the final three months delivering the company’s highest quarterly revenue and profit of the year.
MTCC’s core construction and land reclamation operations remained the largest contributor to revenue in the fourth quarter, generating MVR 589.4 million.
Its trading business contributed a further MVR 92.07 million, while transport services generated MVR 38.3 million. Other income stood at approximately MVR 4.6 million during the quarter.
The company’s return to profitability also resulted in higher tax obligations. MTCC accrued close to MVR 14 million in Business Profit Tax across the three profitable quarters, comprising MVR 4.9 million in the second quarter, MVR 2.3 million in the third and MVR 6.2 million in the fourth.
MTCC is one of the Maldives’ largest state-owned companies and a major contractor for public infrastructure projects. Its portfolio includes road development, harbour construction, shore protection, land reclamation and other civil engineering projects across the country, alongside public transport and trading operations.
The company’s financial performance is therefore closely tied to the pace of government infrastructure spending and the implementation of major development projects.
