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Sunday, 26 April 2020

Earnings watch: Maridive & Oil Services net profits drops to USD 2.6 mn

EARNINGS WATCH- Maridive & Oil Services’ net profits dropped 81% y-o-y in 2019 to USD 2.6 mn from USD 14 mn the previous year, according to an EGX disclosure (pdf). Revenues dipped 2.6% y-o-y to USD 202 mn from USD 208 mn in 2018, mostly due to costs rising to USD 148.4 mn in 2019 from USD 125.2 mn in the previous year. The company began negotiating with its creditors last month to postpone loan repayments as the twin threats of covid-19 and the collapse in oil prices take their toll on the business.

MOVES- Tarek Nadim has stepped down from his position as Maridive’s board chairman, citing health reasons, the company said in a disclosure to the bourse (pdf). Shahira Zeid has been tapped as Nadim’s interim replacement until a new board is elected.

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