Abu Dhabi – Mubasher: Al Seer Marine Supplies and Equipment Company turned to net losses amounting to AED 749.68 million in the first half (H1) of 2023, against net profits worth AED 882.97 million in H1-22.

Gross profits enlarged by 92.50% year-on-year (YoY) to AED 73.77 million in January-June 2023 from AED 38.33 million, according to the consolidated financial results.

The ADX-listed posted an 18.90% surge in revenue to AED 564.34 million during H1-23 from AED 474.81 million, driven by the effective operation of seven vessels sailing since 2022.

Basic loss per share hit AED 0.75 during the first six months (6M) of 2023, versus earnings per share (EPS) valued at AED 0.88 in the year-ago period.

Meanwhile, the total assets declined by 19.70% YoY to AED 9.29 billion in H1-23 from AED 11.58 billion.

Income Statements for Q2-23

In the second quarter (Q2) of 2023, Al Seer Marine achieved net profits standing at AED 38.25 million, an annual plunge from AED 807.34 million.

Revenues jumped to AED 312.79 million in Q2-23 from AED 303.80 million in Q2-22, while the EPS went down to AED 0.03 from AED 0.81.

Guy Neivens, CEO of Al Seer Marine, highlighted: “Al Seer Marine demonstrated resilience and strategic agility in H1-23. Our operational profit has shown strong growth, thanks in part to our significant investment in ADNOC Logistics & Services (ADNOC L&S).”

Neivens also attributed the strong growth to the “strategic acquisitions and the expansion of our fleet, which now includes a new gas vessel and two [very large gas carriers] VLGCs.”

“These investments have not only diversified our operational capabilities but also positioned us to better serve the growing global demand for gas transportation,” the CEO added.

In May 2023, the marine firm unveiled AED 257 million investment in ADNOC L&S to diversify its portfolio across the UAE and boost the value of its shareholders.

Last year, Al Seer Marine witnessed lower net profits at AED 1 billion, compared to AED 2.51 billion in 2021.