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Two International Holding Company subsidiaries saw their net income fall in 2023, while revenues grew.
#1- Maritime player Al Seer Marine reported a net loss of AED 1 bn in 2023,according to an earnings release (pdf). The loss was mainly attributed to a “mark-to-market loss on investments carried at fair value through profit or loss,” according to the statement.
The International Holding Company subsidiary recorded a 108% y-o-y increase in revenues to AED 1.23 bn 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.
ICYMI- The company invested AED 367 mn in Adnoc Logistics & Services to diversify its portfolio and to contribute to the UAE’s 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.
International Holding Company sports management subsidiary Palms Sports saw its net income fall 21% y-o-y to AED 105 mn in 2023, according to the company’s financial statements (pdf). The company’s revenues saw a 91% y-o-y uptick during the year to reach AED 576 mn, according to the earnings release (pdf).
Looking ahead: Palm Sports will be pursuing more “expansions, acquisitions and investments” in 2024, the earnings release said.
