Egypt's Maridive Net Profit Skyrockets in H1 2026

Maridive & Oil Services’ net profit surged 346% year-on-year (YoY) to US$48.61 million in the first half (H1) of 2026, supported by higher revenue and gross profit, according to the company’s unaudited consolidated financial statements.

Revenue increased 8% YoY to US$134.27 million, while gross profit rose 7% to US$67.11 million. Meanwhile, net profit before tax climbed 306% YoY to US$49.86 million.

Diluted earnings per share increased 358% YoY to US$0.10, and cash flow from operating activities rose 2% YoY to US$67.61 million.

The company’s Board of Directors approved the unaudited consolidated financial statements for the period ended June 30, 2026, at a meeting on September 23, 2026, chaired by Board Chairperson Shahira Magdy Zeid. The company said the results reflect its plans to improve operational efficiency and strengthen financial performance while maintaining market competitiveness.

Maridive did not comment on the reasons behind the increases in its financial results.

The company’s consolidated results follow an improvement in its standalone performance. On September 7, Maridive reported an 11% YoY increase in standalone operating revenue to US$43.09 million in H1 2026.

Established in Port Said in 1978, Maridive serves the oil and gas sector through offshore vessel operations, diving, subsea construction, maintenance, transportation, and logistics.