MEEG reports 79% increase in year-end profit

Main Event Entertainment Group Limited (MEEG) for the year ended October 31, 2017 recorded a total of $1.18 Billion in revenue compared to $1.13 Billion booked for the period ended October 31, 2017. Revenue for the quarter slid 16% to close the quarter at $233.65 million relative to $276.73 million booked for the corresponding period in 2016.

Cost of sales for the year decreased 13% year over year to $610.26 million relative to $703.87 million. Gross profit for the year improved 32% to $565.17 million (2016: $428.07 million). Gross profit for the quarter increase $16.72 million from $100.96 million reported for October 2016 to $117.68 million.

MEEG booked other income of $2.23 million for the financial year, 314% higher than the prior year’s $538,000.

Total expenses rose 26% to $443.77 million versus $353.56 million recorded for 2016. Of this, administrative and general expenses climbed 27% to $362.10 million (2016: $284.24 million), while depreciation expense increased 27% to $73.44 million (2016: $57.76 million). Selling and promotion expense slid 29% to $8.22 million relative to $11.56 million. Total expenses for the quarter amounted to $109.83 million, 13% higher relative to last year’s comparable quarter of $96.77 million.

Consequently, operating profit for the year rose 65% to $123.63 million (2016: $75.05 million).

Finance cost year over year, increased by approximately 2% to $15.45 million (2016: $15.20 million).

MEEG recorded profit before taxation of $108.18 million, a growth of 81% when compared to last year’s corresponding period of $59.85 million.

The company reported $7.14 million (2016: $3.35 million) for taxes during the year, resulting in net profit totalling $101.05 million compared to $56.50 million booked last year, a 79% increase year over year. MEEG reported net loss of $107,000 for the fourth quarter versus a net loss of $3.24 million for the comparable period in 2016.

Earnings per Share (EPS) for the year amounted to $0.34 (2016: $0.19), while for the quarter the company booked a loss per share of $0.0004 relative to a loss per share of $0.0108. The number of shares used in the calculation was 300,005,000 units. MEEG closed the trading period on January 02, 2018 at a price of $5.83 per share.


Balance Sheet Highlights:

As at October 31, 2017, the company’s assets totaled $718.91 million (2016: $565.12 million), , $155.81 million more than its value a year ago. This increase in total assets was largely driven by an increase in ‘Cash and Bank Balances’ which rose $72.40 million to close at $91.25 million relative to $18.84 million in 2016. ‘Property, Plant and Equipment’ also contributed to the overall improvement in the asset base year over year with a 15% growth to $421.08 million (2016: $365.90 million).

Equity attributable to stockholders of the company amounted to $446.33 million (2016: $242.23 million). This translated to a book value per share of $1.49 relative to $0.82 for the corresponding period in 2016.



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