Main Event Entertainment Group Limited [JSE: MEEG] at its first annual general meeting since listing announced the creation of a new division called the M-Style which will aim to provide seating and equipment for events such as weddings, conferences and birthday.
With this new initiative M-Style, Main Events will see a decrease in the number of third-party contractors it usually needs for the proper execution of its events. Complementing the company’s entertainment and marketing function by creating a new “experience” as stated by CEO Solomon Sharpe.
Furthermore, M-Style is already in full operation but, yet to be formally launched. Sharpe stated, “Previously, Main Event could not have necessarily played in the wedding market,” because the company was unable to provide that type of décor to create the “elegant” seating to cater to such events.
MEEG projects an investment of 100-150 million in equipment for 2018 which would aid in the expansion of their offerings and internal resource which is a significant part of the company’s strategy to offer a full-service solution to existing and prospective clients across the region.
The Company achieved record revenue of $1.18 billion as at the end of 2017 financial year, an increase of 4.42 percent comparing to $1.13 billion in 2016. Operating profit rose to over 80 percent at $108 Million in 2017 compared to $59.8 Million a year earlier. The net profit margin increased in the same period by 78.85 percent to $101.047 Million from $56.499 Million.
Moreover, Main Event has started 2018 with a good momentum having aided with the execution of major events such as Inter-Secondary School Sports Association (ISSA) Boys and Girls Championships and ‘soca’ parties including the Carnival road march.
Currently, Main Event Entertainment Group Limited is trading at a price of JMD 6.19, and we at SSL recommend a definite buy for this stock.
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