MTCC and STO report quarterly profits
Both companies appear to be emerging from the COVID-19 pandemic as profits are reported in quarterly reports.
Source: sto.mv
Maldives companies appear to be recovering incredibly quickly from the financial difficulties caused by the COVID-19 pandemic, as some state owned companies seem to be making a magnificent profit in the first half of the year.
One of such companies with a high recorded profit in the last six months is the Maldives Transportation and Contracting Company (MTCC). This company which was founded in the 1980s is known to be the leading marine and land transport provider as well as the civil and marine constructor of the Maldives.
Being in charge of everything ranging from harbour development in islands to making transportation easier by providing public transportation services through buses, MTCC has not always operated by making a profit. The company faced heavy financial losses back in the first quarter of 2019, however, these losses did not last long as the company recorded a profit of MVR 125 million in the first quarter of 2021.
While this in itself is impressive, this year the company seems to have reached another high as they have reported a profit of MVR 130 million in the first six months of 2022 alone.
With an aim to make an annual net profit of MVR 300 million, MTCC appears to be working hard towards their goals with new projects such as the introduction of minibus services.
Another company that made a notable quarterly profit within the past six months is the State Trading Organisation (STO) as the company reports a quarterly net profit of MVR 150 million in the first quarter of this year.
STO was opened back in the 1960s in order to import goods necessary to increase the living standard of the Maldives. With its introduction, this state-owned organisation undertook all the trading and commercial activities on behalf of the Maldivian Government.
STO has been well known and respected since its inception, and because it is in charge of so much of the country's food imports, it has also become a company on which many rely. This is reflected in the profits reported in the quarterly report.
The income generated by STO in the second quarter is a 22 percent increase compared to the first quarter of this year.
