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Maridive losses reach $141M

Maridive losses reach $141M

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

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