With the resurgence of in-person events following the end of the COVID-19 pandemic, net profits of listed company Main Events Entertainment Group (MEEG) soared in 2022, reaching $151.2 million, compared to $16.1 million in 2021.
“The reopening of the entertainment sector created the opportunity for us to tap into the pent-up demand for live entertainment, outdoor events and consumer marketing engagements”, the company said in its annual report for 2022.
The company reported that revenue in 2022 grew by 104 per cent over the previous year to $1.54 billion with growth in its entertainment promotion, audio and film and MStyle XP segments (decor items).
At the company’s annual general meeting yesterday, board chairman Dr Ian Blair said he was pleased with continued cost savings from measures implemented during the pandemic.
“We improved our monitoring and control of contracted costs and project overheads”, Blair said at the meeting held at the Spanish Court Hotel in Kingston.
He noted that gross profit margins had increased from 40 per cent in 2021 to 51 per cent in 2022, and were at 53 per cent for the first six months of 2023.
Blair named challenges that threatened to derail the company’s progress including world conflicts, rising inflation and interest rates, and high fuel costs and general cost of living.
President and CEO Solomon Sharpe underscored the uniqueness of Main Events in the Jamaican market, stating that it was the only company locally that could deliver certain services.
These he said included leasing audio-visual equipment for the long-running Klansman Gang trial which concluded earlier this year.
“We were the only bidder”, Sharpe told the meeting.
Reports are that MEEC earned more than $60 million for its services at the Klansman trial.
The 2022 report showed that the company’s total assets of $1,094.732 million represent an improvement of $303.418 million or 38 per cent over the $791.255 million at the end of 2021.
