Annual profits

Al Seer Marine earns AED2.5 billion in annual profits

  • The assets of the company stood at AED6.1 billion at the end of 2021.

Abu Dhabi: Al Seer Marine PJSC, the leading maritime company in the Middle East region active in several maritime sectors and a subsidiary of International Holding Company (IHC), today announced its fourth quarter and annual financial results.

During the twelve-month period, the company’s net profit jumped to AED2.5 billion from AED33.94 million for the corresponding period a year ago. The increase in net income was driven by a significant increase in investment income and recent acquisitions which continue to drive the company’s extensive diversification efforts in the commercial marine industry and new management and production services, such as as the upcoming launch of Al Seer Marine’s additive manufacturing. unity.

Commenting on the company’s results, Guy Neivens, Chairman and CEO of Al Seer Marine, said: “This performance was driven by the company’s investments in a favorable market environment and, to a lesser extent, by the regular commercial activities while our domestic activities have improved. market fundamentals due to high customer volumes.

“Market conditions were stable in the fourth quarter. Demand on our services is expected to persist in 2022 as we continue to diversify our business operations locally and internationally, which will improve our profitability and long-term success. There is no doubt that Al Seer’s strong performance in 2021 allows us to accelerate our services and logistics transformation and our investments in new business units.” Neivens added.

Founded in 2003, Al Seer Marine is a leader in maritime services in the region with 1 billion in paid-in capital and over 1,200 employees. As of December 2021, the company’s assets stood at AED6.1 billion, up from AED717.81 million at the start of the year. Al Seer Marine provides new marine construction, commercial, technical and operations management, with innovation-based technologies for the development and manufacture of sustainable products and services.

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About Al Seer:

Al Seer Marine Supplies and Equipment Company was established in 2003 and is headquartered in Abu Dhabi, United Arab Emirates. Al Seer is a leading maritime company in the Middle East region, with a portfolio of services including management and training, shipbuilding, high-tech boat building, unmanned systems development and manufacturing. Al Seer Marine employs over 1,200 people on board and ashore, from over 50 nationalities.

International holding company

IHC was founded in 1998, as part of an initiative to diversify and develop non-oil business sectors in the UAE. Adhering to “Abu Dhabi’s Vision 2030”, the ADX-listed company strives to implement sustainability, innovation and economic diversification initiatives in what is now one of the world’s largest conglomerates. the region.

IHC has a clear objective to enhance its portfolio through acquisitions, strategic investments and business combinations. Comprised of more than 30 entities, IHC seeks to expand and diversify its holdings in a growing number of sectors, including real estate, agriculture, healthcare, food and beverage, utilities, industrials, and communications, retail and leisure, and capital.

With a core strategy to enhance shareholder value and achieve growth, IHC generates operational synergies and maximizes profitability across all verticals – it also continues to evaluate investment opportunities through direct ownership and the conclusion of partnerships in the United Arab Emirates and abroad. As the world changes and new opportunities arise, IHC remains focused on resilience, innovation and redefining the market for itself, its customers and its partners.

Media Contacts
HCI
Ahmad Ibrahim
Corporate Communications and Media Manager
[email protected]

© Press release 2022