Maridive losses reach $141M
Updated 5/4/2021 1:05:00 PM
ArabFinance: Maridive and Oil Services (MOIL) incurred a consolidated net loss of $140.616 million (EGP 2.200 billion) in 2020, compared to $2.767 million (EGP 43.286 million) reported in 2019, according to the company’s financial statements filed to the Egyptian Exchange on May 4th.
The listed company suffered a standalone net loss of $63.969 million ( EGP 1.001 billion), compared to $4.116 million (EGP 64.390 million) incurred in 2019.
The board of directors of Maridive approved an acquisition offer for 100% of its subsidiary Maridive Offshore Projects for $48 million (EGP 749.76 million).
Maridive Group is an Egypt-based company engaged in the provision of offshore marine and oil support services in the Middle East and North Africa Region.
*At press time, the conversion rate is $1 = EGP 15.64
