ABU DHABI, (Pakistan Point News - 03rd Nov, 2021) Al Seer Marine, a marine company that is engaged across multiple marine sectors and a subsidiary of International Holding Company (IHC), today announced its financial results for the period ending 30th September 2021.
Over the nine-month period, the Company’s net profit jumped to AED2.45 billion from AED25.40 million in the corresponding period a year ago. The increase in net profit was driven by a significant rise in income from investments and recent acquisitions that continue to drive the Company’s extensive diversification efforts. The company also reported net profit of AED2.04 billion in Q3 2021, compared to AED5.73 million in Q3 2020.
Revenue for the nine-month period ending 30th September 2021 stood at AED407.50 million, a 14.44 percent increase from AED 356.09 million in the corresponding period last year. The Company’s revenue also grew by 0.90% to 134.96 million in Q3 2021, compared to AED133.75 million in Q3 2020. Sales revenues for the period saw a considerable uptick as the company continues to identify promising sectors within the marine service industry that provide opportunities for long-term growth.
Commenting on the Company’s results, Guy Neivens, Chief Executive Officer of Al Seer Marine, said, "As the region’s leading marine services company, it is vital for Al Seer Marine to continuously look for opportunities with tremendous growth potential in the marketplace. This diversification strategy has seen us acquire a portfolio of Very Large Gas Carriers (VLGCs) for transport of Liquefied Petroleum Gas (LPG) through our partnership with BGN International, one of the world’s leading energy, trading, storage, and transportation companies. More recently, the company further expanded its commercial shipping capabilities to leverage projected growth in the global seaborne trade.
"Our business strategy has shown tremendous success over the past year. Looking ahead, I’m confident that our unique value proposition will continue to deliver steady and healthy growth, whilst our diversification strategy builds further resilience for years to come."
