Abu Dhabi – Mubasher: Al Seer Marine, a subsidiary of International Holding Company (IHC), has posted a 115% year-on-year (YoY) leap in net profit to AED 882.97 million during the first half (H1) of 2022, compared to AED 411.33 million.

Revenues surged to AED 474.81 million in H1-22 from AED 272.54 million in H1-21, according to the income statements.

Furthermore, the earnings per share (EPS) settled at AED 0.88 in the first six months (6M) of 2022, down from AED 2.06 in the year-ago period.

During the second quarter (Q2) of 2022, the company’s net profits jumped to AED 807.34 million from AED 402.23 million during the same period a year earlier.

Meanwhile, revenues increased to AED 303.80 million in Q2-22 from AED 150.92 million in Q2-21.

The EPS fell to AED 0.81 in Q2-22 from AED 2.01 in Q2-21.

CEO of Al Seer Marine, Guy Neivens, said: “We anticipate an equally strong performance in H2-22 through further organic growth, profitable acquisitions, and an astute strategy to meet market demand in dry bulk ton-mile trade.”

A week ago, the UAE-based company announced expansion plans to transport between 2 million and 3 million tonnes of bulk cargoes through its unit ASM Chartering in 2022.