Maldives Transport and Contracting Company (MTCC) has announced to distribute dividends among shareholders at a rate of MVR 24 per share.
At the annual general meeting held on Tuesday Night, 99% out of the 194 shareholders had coincided upon distributing the dividends at a price of MVR 24 per share through MVR 12 million from the company's profit margin.
According to the annual report of MTCC - a government and public owned corporation - garnered a net profit of MVR 115 million for the fiscal year of 2016. This is plunge of MVR 41 million against the figure of 2015.
Financial reports indicate the monolithic corporation earned a whopping MVR 1.3 billion in revenues for the year 2016. In a move to expand the business and its operation, MTCC purchased two premium class ferries and a double-decker ferry at the price of MVR 18 million while machinery acquisition cost MVR 76 million.
