January 09, 2025
Main Event Entertainment Group Limited (MEEG)
Audited financials for the twelve months ended October 31, 2024:
Main Event Entertainment Group Limited (MEEG), for the twelve months ending October 31, 2024, reported an 11% decrease in Revenues totalling $1.72 billion compared to $1.92 billion in the corresponding period last year. Revenues for the fourth quarter had a 13% decrease to close at $291.21 million compared to $334.95 million for the comparable quarter of 2023.
Cost of Sales amounted to $861.98 million (2023: $896.47 million), a decrease of 4% year over year. Consequently, gross Profit decreased by 17% to $855.62 million compared to $1.03 billion for the twelve months ended October 31, 2023. The company booked a gross profit of $136.06 million for the fourth quarter versus $186.31 million reported for the similar quarter of 2023.
Administrative and general increased by 1% to close at $619.24 million (2023: $612.42 million), while Depreciation decreased by 4% from $109.48 million in 2023 to $105.59 million in the period under review. As a result, total expenses for the twelve months ended October 31, 2024, amounted to $784.73 million, a 1% decrease relative to $795.37 million reported in 2023.
Operating Profit for the twelve months ended October 31, 2024, amounted to $93.44 million, a 63% decrease relative to $249.21 million reported in 2023. Operating Profit for the fourth quarter amounted to a loss of $82.23 million (2023: loss of $2.78 million). Finance costs totalled $12.12 million, a 24% decrease from last year’s corresponding period. (2023: $16.02 million).
Profit Before Taxation for the twelve months ended October 31, 2024, amounted to $81.33 million, a 65% decrease relative to $233.19 million reported in 2023. Profit Before Taxation for the fourth quarter amounted to a loss of 85.62 million (2023: loss of $11.40 million).
Taxation for the twelve months ending October 31, 2024, decreased 56% to $11.23 million (2023: $25.78 million). Net Profit for the twelve months amounted to $70.09 million, a 66% decrease from the $207.41 million reported in 2023. For the fourth quarter, there was a loss of $78.93 million in Net Profit (2023: loss of $8.28 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.23 (2023: EPS: $0.69), while Loss Per Share for the quarter totalled $0.26 (2023: loss per share of $0.03). The number of shares used in these calculations was 300,005,000.
Notably, MEEG’s stock closed the trading period on January 06, 2025, at $11.57, with a corresponding P/E ratio of 49.52x.
Balance Sheet Highlights
The company’s assets totalled $1.20 billion (2023: $1.16 billion). The overall growth in the company’s asset base is driven by a 189% year-over-year increase in “Right of Use Assets,” which reached $78.71 million at year-end (2023: $27.22 million), a 9% year-over-year rise in “Receivables” to $260.04 million (2023: $237.56 million), and a 6% year-over-year growth in “Short-term Deposits,” amounting to $247.18 million (2023: $232.89 million).
Shareholder’s equity was $882.50 million (2023: $848.41 million), representing a book value per share of $2.94 (2023: $2.83).
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