Maridive and Oil Services cut losses by 45% YoY in Q1
Updated 6/15/2022 9:32:00 AM
ArabFinance: Maridive and Oil Services (MOIL) has reported a 45% year-on-year (YoY) drop in standalone net loss after tax during the first quarter (Q1) of 2022, according to financial indicators filed to the Egyptian Exchange (EGX) on Wednesday.
The company’s net loss after tax dropped to $5.133 million in Q1 2022 from $9.263 million in Q1 2021.
Revenue jumped to $11.193 million in the three-month period ended March 31st, from $10.096 million in the same period a year earlier.
It is worth noting that Maridive has incurred a consolidated net loss excluding minority interest of $78.42 million in 2021, versus a net loss of $140.61 million in 2020.
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.
