Al Seer Marine LPG vessel
Fleet utilisation rates and strategic investments were the drivers for Al Seer MArine's growth numbers during first-half of 2022. Image Credit: Supplied

Dubai: It’s turning out to be a record profit run for UAE’s listed companies, with Abu Dhabi based Al Seer Marine securing a Dh882.97 million profit for the first six months of 2022. That’s up 115 per cent from last year for the International Holding Company-owned entity.

The profit increase - compared with Dh411.3 million last year - stemmed from a gain on investments, which totaled Dh884.49 million. Last year, this was at Dh392 million.

Al Seer Marine’s revenues during the six months were at Dh474.89 million against Dh272 million in H1-2021.

“We have remained vigilant in unprecedented market conditions to remedy any obstacle and to capitalize on opportunities in the maritime industry to build further scale and drive revenue,” said Guy Neivens, CEO of Al Seer Marine. “This, coupled with execution of Al Seer Marine’s worldwide growth strategy on commercial management, has increased our balance-sheets and gains for shareholders.

“We anticipate an equally strong performance in the second-half of 2022 through further organic growth, profitable acquisitions and an astute strategy to meet market demand in dry bulk ton-mile trade.”

Further expansion
The Abu Dhabi company aims to increase its fleet to be the 'largest in the MEA market'. Al Seer Marine is working on potential expansion into product tankers, gas tankers, and dry bulk shipping sectors, with short-term plans of acquiring 10 to 15 ships.