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FY 2023 earnings are making the rounds: We have a mixed bag of reports from two regional players this morning, as UAE-based marine services company Al Seer Marine and Qatar storage and warehousing giant GWC post contrasting results.
AL SEER MARINE-
Al Seer Marine posted an AED 1.03 bn loss in net income 2023, according to an earnings release (pdf). The company also saw a 10.8% y-o-y boost in topline for the same period to AED 1.2 bn. The latest results contrast with last year’s AED 1 bn topline, according to the company’s financials (pdf).
Why the drop in net income? The company attributed the weaker financial performance to market-to-market losses as the value of the company’s investment portfolio declined due to market changes.
Al Seer doubled down on expansion in 2023: The company made a cornerstone investment of AED 257 mn in Adnoc L&S, which was later bumped up by 43% to AED 367 mn, in a bid to diversify the company’s portfolio, the earnings statement said. The company also acquired a gas vessel for AED 331 mn and two Very Large Gas Carriers (VLGCs) for AED 724 mn, with the first VLGC delivered mid-year, as the company looks to diversify its range of vessels and boost services. “These strategic investments have diversified our operational capabilities enabling us to tap into continued growth across gas transportation,” Al Seer Marine CEO Guy Neivens said.
GWC-
Qatari logistics giant Gulf Warehousing Company’s (GWC) bottomline saw a 10.3% y-o-y fall to QAR 215 mn in FY 2023, according to a press release. Toplines also dipped 1.3% to QAR 1.5 bn during the same period.
More details: An 82.2% y-o-y increase in finance costs, which totalled next to QAR 101 mn, contributed to the fall in net income, the company’s yearly financial report (pdf) revealed.
REMEMBER- The company kicked off the second phase at Al Wukair Logistics Park last September.
