Al Seer Marine Booms in H1-2022 with Staggering Profit of AED 882.97 million

  • Al Seer Marine is focused on consolidating cargo volumes and building global strategic partnerships in the next 6 months
  • Revenue climbed steeply to tap AED 474.82 million

Abu Dhabi, UAE: Al Seer Marine (PJSC), a global player across multiple marine sectors and subsidiary of International Holding Company (IHC), announced a strong quarterly performance for Q2/2022, recording AED 882.97 million in profit, an increase of 115% for the same period last year.

Al Seer Marine’s growth jumped significantly by a record 74%, compared to Q2 of last year, with revenue at AED 474.82 million; while assets measured AED 11.58 billion. These solid financials are driven by Al Seer Marine’s strategic investments, diverse management and product services with its most recent venture in freight solutions of bulk cargoes; as well as, vessel acquisitions of VLGCs and VLCCs, which continue to bolster its extensive portfolio as a world-leading maritime company.

Guy Neivens, Chief Executive Officer of Al Seer Marine, said: “We have remained vigilant in unprecedented market conditions to remedy any obstacle and to capitalize on opportunities in the maritime industry to build further scale and drive revenue. This, coupled with execution of Al Seer Marine’s worldwide growth strategy on commercial management, has increased our balance sheets and gains for shareholders. We anticipate an equally strong performance in the second half of 2022 through further organic growth, profitable acquisitions and an astute strategy to meet market demand in dry bulk ton-mile trade”.

Al Seer Marine is a global leader in marine services and has been expanding rapidly in the commercial shipping segment. The company aims to increase its fleet to become the largest in the MEA market and is analyzing expansion initiatives in product tankers, gas tankers, and dry bulk shipping sectors, with short-term plans of acquiring 10 to 15 ships in 2022.

About Al Seer Marine

Al Seer Marine (ASM), founded in 2003, is listed on ADX and a leader in marine services with 1 billion paid-in capital and over 1,200 employees. For its Full Year 2021 financial results, the company reported a net profit of AED 2.5 billion, driven by a significant rise in income from investments and acquisitions in support of its diversification strategy in the commercial maritime industry and new management and production services. It has a portfolio of services, including: management and training, construction of vessels, high-tech boatbuilding, unmanned systems development, and manufacturing. These are spread across its assets, namely: ASM Boat Building Sole Proprietorship, ASM Training Institute, and ASM Services Company.

About International Holding Company (IHC)

IHC was founded in 1998, as part of an initiative to diversify and develop non-oil business sectors in the UAE, and has grown to become the most valuable listed holding company in the Middle East with a market cap of USD 140 billion. The company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), which represents the top 15 largest and most liquid companies on the ADX.

The company has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities and 22,345 employees, it seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Hospitality, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.

With a core strategy to enhance shareholder value and achieve growth, International Holding Company drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad.