ArabFinance: Maridive and Oil Services (MOIL) posted a consolidated net profit before minority interest of $19.813 million (EGP 311.00 million) in quarter one (Q1) 2021, according to the company’s financial statements filed to the Egyptian Exchange.

This marked a Year on Year (YoY) decline of 30% when compared to $28.301 million (EGP 444.24 million) in Q1 2020.

Standalone net loss reached $9.263 million (EGP 145.24million) in Q1 2021, a 23% decline from $7.532 million (EGP 118.10 million) posted in Q1 2020.

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 15.68