MTCC shareholders vote against dividend of MVR 4 per share

MTCC AGM 2022 held at Kurumba Maldives. | Photo: MTCC

Shareholders of the Maldives Transport and Contracting Company (MTCC) have rejected a proposal to pay a dividend of MVR 4 per share on last year’s profit.

MTCC’s board of directors proposed a dividend of MVR 4 per share from last year’s profit. The board of directors has decided to distribute a total of MVR 32 million.

At the annual general meeting held at Kurumba Resort, 61 shareholders voted against the dividend while 54 shareholders voted in favour. Therefore, shareholders will not receive anything from MTCC’s profit last year.

Last year, MTCC’s revenue increased from MVR 1.97 billion in 2021 to MVR 2.47 billion in 2022, but net profit fell to MVR 195.7 million from MVR 231 million. Last year’s profit stood at MVR 24.35 per share at a face value of MVR 5 per share.

Forty-two-year-old MTCC is owned by the government with 64.20 percent stake, Maldives National Shipping Limited (MNSL) with 4.65 percent stake and the public with 31.15 percent stake.