MTCC CEO Ibrahim Abdu Razzaq has stated that the 35th year of the company was the most successful one in the company’s history.
Speaking in the ceremony held in Dharubaaruge to mark the occasion, Ibrahim Abdu Razzaq said that in between 2009 to 2011, the company had significant losses, nearing MVR 100 million, noting those three years were the most dismal for the company.
“We did not get Government projects, costs of the company were increasing. As a result, the most productive employees had left the company, we lost key suppliers,” he said.
He noted that from 2012 onwards, significant work was carried out to change the company, which had resulted in increasing profits. Ibrahim Abdu Razzaq noted that in 2014, the company posted MVR 81.6 million as profits, with the number expected to be at MVR 150 million in 2015.
He revealed the capabilities of the company, stating that 2015 began with 43 projects for the company, with 40 projects carried out in the year. Ibrahim Abdu Razzaq said the company is capable of running 69 projects simultaneously at any given time, with the assurance the project can be completed in the given time frame. He noted that these projects are valued at MVR 2.3 billion.
Ibrahim Abdu Razzaq said the company will begin steel construction services in the country and will construct the first building in this manner this year. He further said the company will resolve the issue of the transportation of large rocks for various projects, noting that they had bought a barge and tug specially for the purpose.
“We have paid the advanced payment for the barges for land reclamation, the barges have the capability to excavate sand from under 50 meters. We hope to bring the barge near the end of this year,” he said.
Ibrahim Abdu Razzaq also noted the various fields the company had expanded their services in.
“We have introduced a 60 horsepower engine to the market with Yanmar. New three products were introduced. Boat building services will be started this year,” he remarked.
Ibrahim Abdu Razzaq noted the progress was only made possible by the hard work of the employees and announced that beneficial changes have been made to the salary structure in 2015.
“Fourteen employees were given higher education opportunities last year. Company will award bonuses to employees from the profits,” he added.
Ibrahim Abdu Razzaq said the Izzuddin Jetty and the fountain at the Republic Square were glowing testaments to the capabilities of the company.
MTCC’s 35th year is a resounding success: CEO
