Al Seer Marine reports lower net income in 2Q 2023

Al Seer Marine’sbottomline fell 95.26% y-o-y to AED 38.3 mn in 2Q 2023, according to the company’s financials (pdf)on the Abu Dhabi Securities Exchange (ADX). The supplies and equipment company’s topline inched up 3% y-o-y to AED 312.8 mn during the same period. Al Seer reported a net loss of AED 749.7 mn in 1H 2023, while revenues during the period went up 18.9% to AED 564.3 mn.

The company’s net loss position during the first half of the year comes off the back of a AED 784 mn loss on investments as a result of challenging economic conditions that have impacted equities, according to an earnings release. Al Seer Marine’s strategic acquisitions, however, boosted growth and drove a 63.5% y-o-y increase in the size of property, plant, and equipment to reach AED 1.2 bn in 1H 2023. “These investments have not only diversified our operational capabilities, but also positioned us to better serve the growing global demand for gas transportation,” Al Seer Marine CEO Guy Neivens said.