Cairo – Mubasher: The consolidated financial statements of Maridive and Oil Services reported an 81% year-on-year (YoY) plunge in its net profits during 2019.

The company’s net profits fell to $2.64 million last year from $14.002 million in 2018, according to a bourse disclosure on Thursday.

In the meantime, the company generated $202.8 million in revenue in 2019, down from $208.17 million a year earlier.

As for standalone business, the company turned to losses of $4.1 million last year, versus $2.15 million net profits in 2018.

The negative turn in 2019 financials was ascribed to the current difficulties facing the marine services industry and the volatility in oil prices.

It is worth mentioning that in the first nine months of 2019, Maridive incurred net losses of $22.22 million, against net profits of $18.28 million in the year-ago period, including minority shareholders’ rights.