UAE Business: Al Seer Marine net profit surges to $683m for 2021 – Gulf Digital News

UAE Business: Al Seer Marine net profit surges to $683m for 2021 – Gulf Digital News

Al Seer Marine, a leading marine company in the Middle East region that is engaged across multiple marine sectors and a subsidiary of International Holding Company (IHC), has announced that its net profit for the twelve-month period jumped to AED2.5 billion ($683 million) from AED33.94 million.

Announcing its fourth quarter and annual financial results, the Abu Dhabi group said the increase in net profit was driven by a significant rise in income from investments and recent acquisitions that continue to drive the company’s extensive diversification efforts in the commercial maritime industry and new management & productions services, such as the upcoming launch of Al Seer Marine’s additive manufacturing unit.

Revenue for the 12-month period ending December 31, 2021 stood at AED620 million a 22.4% increase from AED 507 million in the corresponding period last year. The company’s revenue also grew by 41.2% to AED 213 million in Q4 2021, compared to AED 150 million in Q4 2021.

On the solid performance, CEO Guy Neivens said: "It was mainly driven by company investment in a supportive market environment and, to a lesser extent, by the regular business activities as our inland business experienced improved market fundamentals due to strong