September 13, 2024
Main Event Entertainment Group Limited (MEEG)
Unaudited financials for the nine months ended July 31, 2024:
Main Event Entertainment Group Limited (MEEG) for the nine months ended July 31, 2024, reported a 10% decrease in Revenues totaling $1.43 billion compared to $1.59 billion in the corresponding period last year. Revenues for the third quarter had a 3% increase to close at $440.06 million compared to $428.06 million for the comparable quarter of 2023.
Cost of Sales amounted to $706.83 million (2023: $747.83 million), this represents a decrease of 5% year over year. Consequently, gross profit decreased by 14% to $719.57 million compared to $839.10 million for the nine months ended July 31, 2023. The company booked gross profit of $205.68 million for the third quarter versus $223.76 million reported for the similar quarter of 2023.
Administrative and general expenses decreased by 12% to close at $433.65 million (2023: $495.36 million), while Depreciation increased by 7% from $80.52 million in 2023 to $89.22 million in the period under review. As a result, total expenses for the nine months ended July 31, 2024, amounted to $561.29 million, a 7% decrease relative to $600.78 million reported in 2023.
Operating Profit for the nine months ended July 31, 2024, amounted to $175.67 million, a 30% decrease relative to $251.99 million reported in 2023. Operating Profit for the third quarter amounted to $35.39 million (2023: $28.60 million). Finance costs totalled $8.73 million, a 18% increase from the corresponding period last year. (2023: $7.40 million).
Profit Before Taxation for the nine months ended July 31, 2024, amounted to $166.94 million, a 32% decrease relative to $244.59 million reported in 2023. Profit Before Taxation for the third quarter amounted to $32.62 million (2023: $25.69 million).
Taxation for the nine months ended July 31, 2024, had a 38% decrease to reach $17.92 million (2023: $28.90 million) . Net Profit for the nine months amounted to $149.02 million, a 31% decrease from the $215.69 million reported in 2023. For the third quarter, Net Profit was $28.75 million (2023: $23.31 million).
Consequently, Earnings Per Share for the nine months amounted to $0.50 (2023: EPS: $0.72), while Earnings Per Share for the quarter totaled $0.10 (2023: EPS: $0.08). The twelve-month trailing EPS was $0.47, and the number of shares used in these calculations was 300,005,000.
Notably, MEEG’s stock price closed the trading period on September 12, 2024, at a price of $11.57 with a corresponding P/E ratio of 24.66x.
Balance Sheet Highlights
The company’s assets totaled $1.25 billion, mirroring the figures reported for the same quarter in 2023. A significant portion of MEEG’s total assets is attributed to ‘Property, Plant, and Equipment,’ which amounted to $417.95 million for the third quarter of 2024, and ‘Receivables,’ which equaled $400.40 million for the same period.
Total equity was $961.43 million (2023: $856.68 million), representing a book value per share of $3.20 (2023: $2.86).
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