Main Event annual profit up 2.7 per cent

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Main Event annual profit up 2.7 per cent

BY ABBION ROBINSON
Business reporter
robinsona@jamaicaobserver.com

Wednesday, April 01, 2020

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Main Event Entertainment Group Limited (MEEG) on Tuesday (March 17) reported an after-tax profit of $97.3 million for the financial year ended October 31, 2019, a 2.7 per cent increase when compared with the corresponding period in the previous year.

This increase, according to MEEG, was influenced by increased business activity and sustained market share.

For the period under review, revenues amounted to $1.8 billion, an increase of 29 per cent over the $1.4 billion recorded in the corresponding period in 2018. This growth was due to the double-digit gains in core revenue categories, as well as the company's presence in western Jamaica and the growth of the M-Academy project during the year.

M-Academy refers to the training arm of MEEG, which provides certification in marketing, events management and production.

“Segment results showed that revenue from the MEEG's entertainment promotions operations stood at $1.25 billion, which accounted for almost 70 per cent of the overall $1.8 billion in revenue. This segment grew revenues by $218.5 million year on year due in part to an increased marketing spend from major clients,” the company stated.

The second-highest revenue segment was audio and film operations which earned $268.2 million up from the $222.1 million recorded in the previous corresponding period. This segment represented 15 per cent of total revenues.

MEEG's total asset increased by 9 per cent to $1 billion for the period under review, while earnings per share ended at $0.33.


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