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Al Seer Marine Reports AED 564m Revenue in H1 2023, Demonstrating Strong Growth

• The company’s revenue showed 18.9% YoY growth, driven by effective operation of seven vessels sailing since 2022
• ASM continued to diversify its portfolio with a significant investment in ADNOC Logistics and Services
• Operating income increased by 134.7% YoY to reach AED 53m in H1 2023
Abu Dhabi, UAE 24th July 2023: Al Seer Marine (ADX: ASM), the global player across multiple marine sectors and International Holding Company (IHC) Subsidiary, released today its financial results for the first half of 2023, ended on 30 June, reporting gross profit reached AED 74m, a significant 92.5% YoY increase over H1 2022, while operating income increased by 134.7% YoY to reach AED 53m.
The company has generated total revenues of AED 564m in H1 2023, marking an 18.9% YoY growth from the same period last year, driven by the effective operation of seven vessels sailing since 2022. 
“Al Seer Marine demonstrated resilience and strategic agility in the first half of 2023. Our operational profit has shown strong growth, thanks in part to our significant investment in ADNOC Logistics & Services, as well as our strategic acquisitions and the expansion of our fleet, which now includes a new gas vessel and two VLGCs. These investments have not only diversified our operational capabilities, but also positioned us to better serve the growing global demand for gas transportation.' said Guy Neivens, CEO of Al Seer Marine.
Notwithstanding these favorable outcomes, the company reported a downturn in profitability with a net loss of AED 750m, primarily due to a mark-to-market loss on investments of AED 784m, reflecting the impact of recent economic headwinds on equity markets.
In May 2023, Al Seer Marine made a significant initial cornerstone investment of AED 257m in ADNOC Logistics & Services, later increasing this investment by 43% to AED 367.25m. This marked a major milestone in the company's strategy to diversify its portfolio while reaffirming its position as a key contributor to the UAE’s economy and diversification efforts.
“We continue rebalancing our asset portfolio, maintaining a suitable level of risk and aligning with our investment objectives as we stay committed to our long-term goals” Neivens explained. 
The company also reported a series of successful vessel acquisitions, including a gas vessel for AED 331m and two Very Large Gas Carriers (VLGCs) for AED 724m. The first of these VLGCs, ‘Lucky Gas’ was taken over in June 2023, marking a significant milestone in the company's growth strategy. The second VLGC is expected to be delivered in September 2023. This acquisition aligns with Al Seer Marine's commitment to diversify its fleet and enhance its service offerings in the gas transportation sector.
“We recognize the advantages of maintaining a disciplined approach when managing multi-asset portfolios. While seizing momentum can lead to favorable outcomes, the key lies in adhering to our well-planned strategy.” Guy added.
Al Seer Marine's strategic acquisitions throughout the year have significantly bolstered the company's growth, resulting in a 63.6% increase in the size of Property, Plant, and Equipment (PP&E), reaching AED 1.2Bn in H1 2023, up from AED 730m during the same period last year. Despite a decrease in cash balance which stands at AED 316m as of June 30, 2023, the company has successfully reduced its total liabilities by 34.7%, from AED 4.8Bn in H1 2022 to AED 3.1Bn in H1 2023. This significant reduction is primarily due to a decrease in borrowings amounting to AED 1.7Bn, reflecting Al Seer Marine's robust financial management and commitment to delivering shareholder value.
In recent years, the marine vessel market has been one of the most dynamic and innovative market globally. The outlook for the sector is positive; the maritime sector is forecast to grow at a CAGR of 4.2% between 2022 and 2028. This growth will be driven by a few factors, including the continued expansion of global trade, the ongoing need for energy and resources, and the growing demand for maritime transportation services.
Al Seer Marine continues to be a key player in the maritime industry, offering innovative and sustainable solutions while maintaining financial competitiveness. The company remains committed to delivering high-quality products and outstanding customer service, leveraging its best-in-class sector experience.

Posted by : Editorial Team
Viewed 9397 times
PR Category : Banking & Investments
Posted on : Tuesday, July 25, 2023  9:56:00 AM UAE local time (GMT+4)
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