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Al Seer Marine records AED 1bn net profit in 2022; revenues jump 79%

Al Seer Marine records AED 1bn net profit in 2022; revenues jump 79%
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Al Seer Marine
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Abu Dhabi – Mubasher: Al Seer Marine Supplies and Equipment Company generated net profits worth AED 1 billion during 2022, an annual decline from AED 2.51 billion.

The earnings per share (EPS) plunged to AED 1.01 last year from AED 4.90 in 2021, according to the income statements.

Al Seer Marine, meanwhile, registered a leap of 79% in revenue to AED 1.11 billion during 2022 from AED 620.75 million in 2021.

The company’s total assets hit AED 9.61 billion at the end of December last year, higher than AED 6.12 billion at the beginning of 2022.

CEO of Al Seer Marine, Guy Neivens, commented: "The impressive results reaffirm Al Seer Marine’s commitment to delivering value service, expanding business partnerships around the world, all while vowing to fulfil greater profitability for the end of 2023.”

Neivens noted: “I have full confidence that this year will reveal new-record milestones achieved.”

Al Seer Marine recently revealed MEGA II, the world’s largest 3D printer, to provide various advantages during the manufacturing process. It will further enable engineers to design parts with increased complexity in shorter periods of time.

Meanwhile, the additive manufacturing will likely have an annual growth of 30% over the coming five years.

The firm, which is a subsidiary of the International Holding Company (IHC), recently acquired the MT Meissa for AED 132 million. This has brought Al Seer Marine’s fleet value to over AED 2.40 billion.

The MT Meissa deal followed its four IMO II/III product tankers order, in late 2022, that was worth AED 643 million.