Maridive & Oil Services reported a profit in the first quarter (Q1) of 2026, supported by higher revenues and lower costs.
According to the unaudited standalone financial results approved by the Board of Directors on June 30, 2026, revenues increased 13% year-on-year (YoY) to $20.64 million from $18.30 million in Q1 2025.
The company recorded a net profit after tax of $1.89 million for the quarter, compared with a net loss of $23.96 million in the same period last year.
Over the past 12 months, Maridive & Oil Services has not disclosed any new projects or investments (material events) to the Egyptian Stock Exchange (EGX). In its statement, the company attributed the improved results to lower operating expenses.
In June 2025, Maridive & Oil Services reported a 171% YoY increase in net profit after tax to $59.3 million, while revenues rose 21% to $254.3 million. The company attributed the increase to higher vessel utilization, maintenance compliance, and charter rates for marine assets.
Maridive & Oil Services has long been a leading provider of offshore marine and construction services across the MENA region. Its current strategy, focused on operational efficiency and divesting non‑core assets, mirrors a broader industry trend of portfolio rationalization as companies adapt to volatile global energy markets
