Maldives Transport and Contracting Company (MTCC) has reported a record fiscal year for the company, with MVR 232 million in profit.

MTCC 2021 annual report published on Friday recorded a net profit of MVR 1.96 million - a 43% increase compared to 2020.

The company's operating profit saw a 17% increase in 2021 compared to the previous year. Profit after tax and expenditure was recorded at MVR 232 million - a 21% increase from 2020.

MTCC made most profit in 2021 from construction and dredging projects which recorded a 47% increase compared to 2020.

MTCC was awarded 57 projects in 2021 and completed 27 projects. At present, MTCC has 103 ongoing projects across the nation.