Maridive & Oil Services posted a net profit of $26.5 million during the second quarter of 2009, a 67.4 percent year-on-year growth from $15.8 million.

Revenues totaled $61.8 million, up 18.8 percent from $52.0 million during the same period in 2008, the company said in a statement.

Gross profit more than doubled to reach $32.5 million, up from last year’s $15.2 million, meaning a gross profit margin of 52.6 percent versus 29.2 percent in the second quarter of 2008.

In its daily market report on Thursday, Cairo-based investment bank Beltone Financial said, “We are … impressed by the significant improvement in profitability, evident in the margins and net profit growth … mainly due to the nature of OCS contracts performed in the quarter.”

Maridive said last week that it contracted to build a new vessel at a cost of $7 million, which will be 80 percent financed by a syndicated loan and will be received during the first quarter of 2010.

Maridive expects to receive 11 marine units until 2011 (nine vessels and two barges), bringing the total number of marine units to 73 units by 2011.

“The new vessels have contributed positively to the OSV segment’s profitability, mainly through higher utilization rates,” Beltone said.

“We believe that our full year 2009 net profit figure of $109.5 million is still achievable. Overall, we believe the results are good and we remain positive about Maridive’s prospects…we now recommend the stock as ‘Neutral’.”

(Daily News Egypt)