Home
UAE
Abu Dhabi

Al Seer Marine makes Dhs257m cornerstone investment into ADNOC L&S

Al Seer Marine recently announced a strong revenue profit of Dhs1.11bn for 2022

by Gulf Business

May 17, 2023

Al Seer Marine invests into Adnoc L and S

Al Seer Marine, an International Holding Company (IHC) subsidiary, has secured a major cornerstone investment in ADNOC Logistics & Services, with a share value of Dhs257m ($70m).

Read: ADNOC L&S sets IPO price range, seeks to raise $607m

According to a report published by the state news agency WAM, the move comes “as part of the company’s strategy to diversify its investment portfolio, as the company continues to be a key and strategic contributor to the UAE’s economy and diversification efforts”.

Al Seer Marine builds on diversified investment portfolio

“Al Seer Marine is building on its highly diversified investment portfolio, and with ADNOC has an excellent and longstanding track record and network within the global energy maritime logistics sector, we are confident this cornerstone investment in ADNOC Logistics & Services will reflect positively on our growth strategy,” said Guy Neivens, CEO of Al Seer Marine.

The company was the sixth IHC group company to list on the ADX in 2021.

The Abu Dhabi-based company offers services such as management and training, construction of vessels, tankers, high-tech boatbuilding, unmanned systems development, and manufacturing. Earlier this year, Al Seer Marine unveiled ‘MEGA II’, a 36-metre-long 3D printer, in Abu Dhabi.

In recent developments, Al Seer Marine announced a strong revenue profit of Dhs1.11bn for 2022 – a 79 per cent increase compared to the previous year. The company’s audited financial statement and its Q4 results reveal ASM’s rapid growth, as it reported a notable performance for the year 2022, with its gross profit swelling to a 72 per cent increase.

This net profit reached Dhs1bn, while its revenue hit Dhs1.11bn compared to Dhs620.75m in 2021.