MTCC reports annual profit and seeks land for housing project

Maldives Transport and Contracting Company (MTCC) has reported a financial turnaround for 2025, recording MVR 2.1 billion in annual revenue and a net profit of MVR 42.03 million. This recovery follows a net loss of MVR 62.1 million in the first quarter of the year. The company’s strongest performance occurred in the fourth quarter, which saw MVR 724.4 million in revenue and MVR 62.8 million in net profit, driven largely by construction and land reclamation operations.

Simultaneously, MTCC is working to revive its staff housing project, known as the ‘Hiyaa’ scheme, which was previously suspended following corruption allegations involving a loss of MVR 39 million. With support from President Dr. Mohamed Muizzu, MTCC officials have entered discussions with the Housing Development Corporation (HDC) to secure the land necessary to restart construction of the 400 planned apartments.