Al Seer Marine, a subsidiary of International Holding Company (IHC), has posted a net profit of AED2.45 billion ($666 million) for the first nine months of 2021, compared to AED25.40 million in the corresponding period a year ago.
The company said the increase in net profit was driven by a significant rise in income from investments and recent acquisitions that continue to drive its diversification efforts.
The company’s net profit for Q3 was AED2.04 billion, compared to AED5.73 million in Q3 2020.
Revenue for the nine-month period stood at AED407.50 million, a 14.44 percent increase from AED 356.09 million in the corresponding period last year.
Sales revenues for the period saw a considerable uptick as the company continues to identify promising sectors within the marine service industry that provide opportunities for long-term growth, the company said.
Guy Neivens, Chief Executive Officer of Al Seer Marine, said the company has acquired Very Large Gas Carriers for transport of Liquefied Petroleum Gas (LPG) through its partnership with BGN International, one of the world’s leading energy, trading, storage, and transportation companies.
“More recently, the company further expanded its commercial shipping capabilities to leverage projected growth in the global seaborne trade,” he said.
Al Seer Marine net profit $666m
- The increase in net profit was driven by a rise in income from investments and recent acquisitions.
- The company has acquired Very Large Gas Carriers for transport of LPG through its partnership with BGN International.