Cairo – Mubasher: Maridive & Oil Services shifted to net profits after tax worth $29.22 million during the first nine months (9M) of 2023 from net losses of $29.09 million in 9M-22, according to the consolidated income statements.
The earnings per share (EPS) stood at $0.06 at the end of September 2023, against a loss per share of $0.05 in the same period a year earlier.
Maridive witnessed a significant increase of 73% in revenue to $132.14 million during the January-September 2023 period when compared with $76.32 million in the corresponding 9M in 2022.
The oil services group attributed the main reason behind the 9M-23 improved financial performance was “the favorable market conditions within the navigation services and petroleum sector, characterised by high average international prices.”
Maridive further focused on optimising operational efficiency which led to a 17% reduction in operating expenses from $80.67 million in 2022 to $67.08 million in 2023.
The company stated: “This positive trajectory is expected to continue as the Company remains focused on long-term strategic initiatives and operational excellence.”
