{"id":72318,"date":"2023-07-26T00:00:00","date_gmt":"2023-07-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/07\/26\/al-seer-marine-reports-lower-net-income-in-2q-2023\/"},"modified":"2023-07-26T00:00:00","modified_gmt":"2023-07-26T00:00:00","slug":"al-seer-marine-reports-lower-net-income-in-2q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/07\/26\/al-seer-marine-reports-lower-net-income-in-2q-2023\/","title":{"rendered":"Al Seer Marine reports lower net income in 2Q 2023"},"content":{"rendered":"

<\/span>Al Seer Marine\u2019s<\/a><\/span>bottomline fell 95.26% <\/span>y-o-y<\/span> to AED 38.3 mn in 2Q 2023<\/span>, according <\/span>to the company\u2019s <\/span>financials (pdf)<\/a><\/span>on the Abu Dhabi Securities Exchange (ADX)<\/span>. The supplies and equipment company\u2019s topline inched up 3% <\/span>y-o-y<\/span> 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. <\/span><\/p>\n

The company\u2019s net loss position during the first half of the year comes off the back of a AED 784 mn loss on investments <\/span>as a result of challenging economic conditions that have impacted equities, according to an <\/span>earnings release<\/a><\/span>.<\/span> Al Seer Marine\u2019s 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. \u201cThese investments have not only diversified our operational capabilities, but also positioned us to better serve the growing global demand for gas transportation,\u201d Al Seer Marine CEO Guy Neivens said. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Al Seer marine turned to a loss in 1H 2023 due to a loss on investments spurred by a tough equity market<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[174,17,34,33],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-72318","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-earnings-watch","tag-enterprise-logistics","tag-maritime","tag-shipping","wpautop","entry"],"acf":{"mongo_id":"48490116-1c02-4df0-87a9-5e2aee7f7f26","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/1005.jpeg,https:\/\/alseermarine.ae\/commercial-management-of-ships\/","photo_position":"above","homepage_title":"","full_issue_title":"Al Seer Marine reports lower net income in 2Q 2023","related_issue":[72304],"teaser":"Al Seer marine turned to a loss in 1H 2023 due to a loss on investments spurred by a tough equity market","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.349f0670-533c-41b1-bff6-82782e5d1b18.mp3"},"yoast_head":"\nAl Seer Marine reports lower net income in 2Q 2023 - 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