Egypt's Maridive and Oil Services has said its second-quarter net profit dropped to $11m from $29.5m a year ago, as it suffered from a continued oil industry downturn, Reuters has reported. A decline in offshore construction and contract fees cut into profit margins, Beltone analyst Ahmed Khalil said, adding that he expected an improvement due to a strong backlog of contracts worth around $569m. "The darkest period is now over. The second half of the year should be better as the company said it had resumed the execution of the Aramco contract in June," Khalil said.
You might also like...
McDermott completes financial restructuring exercise
28 March 2024
Region heads for hotel boom
28 March 2024
Lowest bidders emerge for Kuwait housing project
28 March 2024
Redcon wins Red Sea Triple Bay infrastructure deal
28 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.