{"id":88205,"date":"2024-01-22T00:00:00","date_gmt":"2024-01-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/al-seer-marine-posts-aed-1-bn-net-loss-palms-sports-operating-income-rises-bottom-line-drops\/"},"modified":"2024-01-22T00:00:00","modified_gmt":"2024-01-22T00:00:00","slug":"al-seer-marine-posts-aed-1-bn-net-loss-palms-sports-operating-income-rises-bottom-line-drops","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/22\/al-seer-marine-posts-aed-1-bn-net-loss-palms-sports-operating-income-rises-bottom-line-drops\/","title":{"rendered":"Al Seer Marine posts AED 1 bn net loss + Palms Sports operating income rises, bottom line drops"},"content":{"rendered":"

Two International Holding Company subsidiaries saw their net income fall in 2023<\/strong>, while revenues grew. <\/p>\n

#1- Maritime player Al Seer Marine reported a net loss of AED 1 bn in 2023<\/strong>,according to an earnings release (pdf)<\/a>. The loss was mainly attributed to a \u201cmark-to-market loss on investments carried at fair value through profit or loss,\u201d according to the statement. <\/p>\n

The International Holding Company subsidiary recorded a 108% y-o-y increase in <\/strong>revenues to AED 1.23 bn <\/strong>during the year, according to the earnings release. Its operating income also rose 11.1% y-o-y to AED 106 mn in 2023, fueled by a decrease in operational costs and improvements in other operating leverage aspects.<\/p>\n

ICYMI- The company invested AED 367 mn in Adnoc Logistics & Services<\/strong> to diversify its portfolio and to contribute to the UAE\u2019s economic growth. It also secured a gas vessel for AED 331 mn and two very large gas carriers for AED 724 mn to diversify its fleet. <\/p>\n

\n

\n

International Holding Company sports management subsidiary Palms Sports saw its net <\/strong>income fall 21% y-o-y<\/strong> to AED 105 mn in 2023, according to the company\u2019s financial statements (pdf)<\/a>. The company\u2019s revenues saw a 91% y-o-y uptick during the year to reach AED 576 mn, according to the earnings release (pdf)<\/a>.<\/p>\n

Looking ahead:<\/strong> Palm Sports will be pursuing more \u201cexpansions, acquisitions and investments\u201d in 2024, the earnings release said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The two IHC subsidiaries saw revenues grow during the year, while net income fell<\/p>\n","protected":false},"author":1,"featured_media":88206,"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":[1596],"tags":[237,7,108,99,688,136,1334],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-uae","tag-ihc","tag-logistics","tag-palms-sports","tag-sports","tag-trade","wpautop","entry"],"acf":{"mongo_id":"3cb65711-5857-4fe8-8b60-151147f4c89c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1776.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Al Seer Marine posts AED 1 bn net loss + Palms Sports operating income rises, bottom line drops","related_issue":[88196],"teaser":"The two IHC subsidiaries saw revenues grow during the year, while net income fell","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.17805059-18ab-4678-b69c-f1adb3cb1158.mp3"},"yoast_head":"\nAl Seer Marine posts AED 1 bn net loss + Palms Sports operating income rises, bottom line drops - 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