Abu Dhabi – Mubasher: Al Seer Marine Supplies and Equipment Company incurred net losses valued at AED 1.02 billion in 2023, versus net profits worth AED 1 billion in 2022, according to the financial results.

The revenues increased by 10.80% year-on-year (YoY) to AED 1.23 billion in the 12-month period that ended on 31 December 2023 from AED 1.11 billion.

Basic loss per share hit AED 1.02 in 2023, against earnings per share (EPS) of AED 1.01 a year earlier.

Total assets amounted to AED 9.08 billion as of 31 December 2023, an annual drop of 5.40% from AED 9.61 billion.

Meanwhile, the cash balance plummeted to AED 236 million last year from AED 384 million in 2022 following the recent acquisitions and the repayment of borrowings.

Al Seer Marine witnessed a gross profit of AED 144 million in 2023, marking a 1.40% YoY rise.

During the first half (H1) of 2023, the ADX-listed firm shifted to net losses valued at AED 749.68 million, compared to net profits worth AED 882.97 million in H1-22.

Last October, Al Seer Marine acquired the very large gas carrier (VLGC) North Gas as a part of the AED 495 million deal signed by its joint venture (JV) ABGC DMCC.