Abu Dhabi – Mubasher: The net profits of Al Seer Marine, a subsidiary of International Holding Company (IHC), surged to AED 2.5 billion in 2021 from AED 33.94 million in 2020.

Revenues increased by 22.4% year-on-year (YoY) to AED 620 million in 2021, compared to AED 507 million, according to a statement by the company.

Al Seer Marine’s CEO, Guy Neivens, said: "This performance was driven by company investment in a supportive market environment and, to a lesser extent, by the regular business activities as our inland business experienced improved market fundamentals due to strong customer volumes.”

Neivens added: "The market conditions were stable in the fourth quarter. The demand on our services is likely to persist in 2022 as we continue to diversify our business activities locally and internationally, which will improve our profitability and long-term success.”