MedservRegis p l c : TitleApproval of Annual Financial statements
April 26, 2024 at 11:45 am
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COMPANY ANNOUNCEMENT
MEDSERVREGIS P.L.C.
(THE "COMPANY")
Approval of Annual Financial statements
Date of Announcement
26 April 2024
Reference
305/2024
Capital Market Rule
CMR 5.16.21 & 5.16.24
Quote
The Board of Directors of the Company has today approved the audited consolidated financial statements for the financial year ended 31 December 2023.
The Group's total revenue for the year amounted to €73.9 million (2022: €66.9 million), representing an increase of 10% over the previous year and 16% over the forecast. This increase is mainly attributable to the additional project secured in Morocco (drilling campaign offshore) as well as improved performance within the OCTG segment in the Middle East (particularly, but not limited to Iraq). This increase in activity drives the variances in the other related profit and loss line items such as the gross profit and the results from operating activities.
Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) amounted to €17.5 million, surpassing 2022 Group's Adjusted EBITDA by 53% (2022: €11.4 million) and the Group's forecast by 21%.
The increase in the net finance cost compared to 2022 and the forecast is largely due to the
Group's foreign exchange exposure to the different currencies.
The Group registered a profit for the year ended 31 December 2023 of €1.3 million (2022: €0.5 million, +137%), compared to the forecasted profit of €0.9 million.
2023
2023
2022
Actual
Forecast
Variances
Variances
Actual
€ 000
€ 000
€ 000
%
€ 000
Revenue
73,926
63,815
10,111
16%
66,939
Gross profit
19,320
17,505
1,815
10%
10,830
Results from operating activities
7,862
5,295
2,567
48%
(941)
Net finance (cost)/income
(6,190)
(4,266)
(1,924)
45%
964
Profit before income tax
1,672
1029
643
62%
23
Profit for the year
1,294
856
438
51%
545
Adjusted EBITDA
17,504
14,443
3,061
21%
11,405
The Audited Financial Statements are attached to this announcement and are available for
viewing on the Company's website athttps://medservregis.com/financial-statements. Attached to this Company Announcement is a Directors' Declaration on the ESEF Annual Financial
Reports.
Unquote
Laragh Cassar
Company Secretary
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Medservregis plc published this content on
26 April 2024 and is solely responsible for the information contained therein. Distributed by
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Medservregis p.l.c. is engaged in providing shore base logistics and engineering services to the offshore oil and gas industry and supply chain management for Oil Country Tubular Goods (OCTG) to support the onshore oil and gas industry. Its segments include Integrated logistics support services, Oil country tubular goods, Trading activity and Photovoltaic farm. The Integrated logistics support services segment includes the provision of comprehensive logistical support services to the offshore oil and gas industry from the Companyâs bases in Malta, Cyprus, Egypt, South America and Africa. The Oil country tubular goods segment includes the provision of an integrated approach to OCTG handling, inspection, repairs and other ancillary services based in three Middle East locations, namely the United Arab Emirates, Southern Iraq and Sultanate of Oman. The Trading activity segment is involved in trading and exportation of locally produced goods and operates principally in South Africa.
MEDSERVREGIS P.L.C. 