MTCC Shareholders Approve MVR 3 Dividend for 2025 as Profit Rises 88%

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Shareholders of Maldives Transport and Contracting Company (MTCC) approved a dividend of MVR 3 per share for 2025 at the company's annual general meeting on Thursday, 29 October. The payout is up from MVR 2 per share for 2024.

With 8,037,749 shares in issue, the dividend comes to MVR 24,113,247. In a notice filed after the meeting, MTCC said it would start paying the dividend on 1 November. It goes to shareholders on the company's register on 28 September. Shareholders who have not registered a bank account with MTCC, or whose account has changed, need to update their details through its shareholder portal or a service request form.

The dividend resolution passed with 99.991% of the votes, according to MTCC's notice of the meeting's decisions. The meeting was held online through the Maldives Securities Depository's FahiVote platform and was attended by 59 shareholders holding 5,602,272 shares, or 69.75% of the company.

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The 2025 annual report, published on 24 August, shows group revenue of MVR 2.134 billion, down 1% from MVR 2.157 billion in 2024. Profit after tax rose 88% to MVR 84.8 million from MVR 45.2 million, and earnings per share rose to MVR 10.55 from MVR 5.62. The dividend takes about 28% of the year's profit.

MTCC attributes the rise mainly to government compensation and subsidies, and to the absence of the exceptional project charges that weighed on its 2024 results. Other income included MVR 141.4 million in compensation, which the report says was received to partly offset the financial impact of the construction and dredging business's operational outcomes. The related-party note lists subsidies of MVR 446.9 million from the Ministry of Finance and Planning, up from MVR 275.4 million, and MVR 206.3 million from the Ministry of Transport and Civil Aviation, up from MVR 183.1 million.

Construction and dredging brought in MVR 1.722 billion of revenue, roughly unchanged. Trading revenue fell 8.5% to MVR 244 million. Transport revenue edged up to MVR 150 million, and the segment's operating profit rose to MVR 22 million from MVR 6 million. Managing Director Ahmed Saudee writes in the report that MTCC has 719 government projects under way.

The government holds 64.2% of the listed company, or 5,160,360 shares, according to the annual report. Maldives National Shipping holds 4.65% and the public 31.15%. On those holdings, about MVR 15.5 million of the payout goes to the state.

The accounts also show MVR 99.1 million of unpaid dividends held in other payables at the end of 2025, up from MVR 86.8 million a year earlier.

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Shareholders reappointed Deloitte Partners, which audited the 2025 accounts, as external auditor for 2026 for a fee of MVR 510,300. The meeting notice listed four other bids: Crowe Maldives at MVR 425,000, Ernst & Young at MVR 531,360, KPMG at MVR 562,140 and MHPA at MVR 594,000.

A special resolution amending MTCC's articles of association passed with 99.851% of the votes. Public shareholders elected Hussain Hassanfulhu to the board with 99.853% of the votes. The notice listed him as the only candidate the board had approved for the two public seats. He is a manager at Allied Insurance Company of the Maldives and previously worked as MTCC's human resources manager.

The company also introduced the five directors appointed by the government: Chairperson Saadha Ibrahim, Managing Director Ahmed Saudee, Deputy Managing Director Mohamed Jamsheed, and independent directors Ali Naail and Yaseen Hussain. Ms Ibrahim was appointed chair on 25 June, after former chairperson Mohamed Afeef Hussain resigned in April.

The meeting came ten months after the end of the financial year. The annual report says MTCC missed the Capital Market Development Authority's deadlines for its fourth-quarter 2025 report and audited accounts because the statements were awaiting "certain confirmations from the Government", and that the regulator fined it MVR 30,000. On 29 October MTCC said it had asked the regulator to extend the deadline for its first- and second-quarter 2026 reports to 30 November, after earlier saying the first-quarter report would be published before 31 October.