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Sunday, 17 July 2022

Earnings watch: Maridive Oil and Services

EARNINGS WATCH- Maridive Oil and Services narrowed its losses to USD 10.71 mn in 1Q2022, down from USD 19.81 mn in the same quarter last year, according to the company’s unaudited financials (pdf). The company’s revenues fell 45% y-o-y to USD 20.59 mn, compared to USD 37.72 mn in 1Q2021.

The EGX30 rose 0.1% at today’s close on turnover of EGP 318.46 mn (61.4% below the 90-day average). Local investors were net sellers. The index is down 26.6% YTD.

In the green: Cleopatra Hospitals (+3.1%), Medinet Nasr Housing (+3.1%) and EFG Hermes (+2.4%).

In the red: ِAbu Dhabi Islamic Bank- Egypt (-2.3%), Fawry (-2.1%) and Orascom Development Egypt (-2.0%).

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