Maridive 2011 revenues expected to grow 24 per cent

Ahram Online, Thursday 29 Sep 2011

Marine and oil support services firm sees strong revenue growth and will begin operations in Brazil in 2012

Maridive's revenues in 2011 should reach at least LE400 million, which translates into an annual growth in revenues of 24 per cent, according to Emad Fawzy, the company's CFO.

Fawzy also added that the marine and oil support services giant will start operating in Brazil during the first quarter of 2012 through operating an OSV vessel.

The biggest oil services firm by fleet size in the Middle East had posted a 37 per cent increase in 2011 first-half net profit.

The firm posted net profit of$36.2 million before minority interests, versus $26.4 million a year earlier.

The company has projects in the pipeline worth $79.9 million for 2012, which Beltone Financial perceived as a concern due to the company's inability to "secure major construction contracts for some time now."

The investment bank estimated Maridive revenues would hit $477 million in 2012. It expects the Brazilian project will not make a large incremental contribution to the company’s total revenues, but is still positive as it opens a new market.

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