Al Seer Marine, a company across multiple marine sectors and subsidiary of International Holding Company (IHC), announced a strong quarterly performance for the first half of 2022, recording Dhs882.97 million in profit, an increase of 115% for the same period last year.
Al Seer Marine’s growth jumped significantly by a record 74%, compared to the first half of last year, with revenue at Dhs474.82 million; while assets measured Dhs11.58 billion. These solid financials are driven by Al Seer Marine’s strategic investments, diverse management, and product services with its most recent venture in freight solutions of bulk cargoes; as well as vessel acquisitions of VLGCs and VLCCs, which continue to bolster its extensive portfolio as a world-leading maritime company.
Guy Neivens, Chief Executive Officer of Al Seer Marine said: “We have remained vigilant in unprecedented market conditions to remedy any obstacle and to capitalize on opportunities in the maritime industry to build further scale and drive revenue. This, coupled with execution of Al Seer Marine’s worldwide growth strategy on commercial management, has increased our balance sheets and gains for shareholders. We anticipate an equally strong performance in the second half of 2022 through further organic growth, profitable acquisitions, and an astute strategy to meet market demand in dry bulk ton-mile trade.”
Al Seer Marine is a global leader in marine services and has been expanding rapidly in the commercial shipping segment. The company aims to increase its fleet to become the largest in the MEA market and is analyzing expansion initiatives in product tankers, gas tankers, and dry bulk shipping sectors, with short-term plans of acquiring 10 to 15 ships in 2022.