Al Seer Marine hits new high revenue record of Dh 1billion in 2022

Al Seer Marine is swiftly becoming a key player in the global maritime shipping sector as it continues to grow its tanker fleet

Al Seer Marine says its total assets amounted to a whopping Dh9.61 billion by the end of 2022, compared to Dh6.12 billion at the start of the year. — Supplied photo

Al Seer Marine, the global player across multiple marine sectors and International Holding Company (IHC) subsidiary, has announced another strong revenue profit of Dh1.11 billion for the full year of 2022 – a 79 per cent increase compared to the same period of 2021.

The company’s audited financial statement and its Q4 results reveal ASM’s rapid growth, as it reporting a notable performance for the year 2022, with its gross profit swelling to a 72 per cent increase. This net profit reached Dh1billion, while its revenue hit Dh1.11 billion compared to Dh620.75 million in 2021.

Meanwhile, its total assets amounted to a whopping Dh9.61 billion by the end of 2022, compared to Dh6.12 billion at the start of the year.

Guy Neivens, CEO of Al Seer Marine, said the impressive results reaffirm Al Seer Marine’s commitment to delivering value service, expanding business partnerships around the world, all while vowing to fulfil greater profibility for the end of 2023.

Al Seer Marine’s general and administrative expenses amounted to Dh45.56 million for the year 2022 compared to Dh27.86 million for the same period in 2021.

“The 2022 accomplishment provides Al Seer Marine and its dedicated team wth a solid platform and scale to drive forward its growth ambitions in the future. I have full confidence that this year will reveal new-record milestones achieved,” added Neivens.

Already, 2023 is beaming for ASM, as it recently revealed Mega II, the world’s largest 3D printer, changing the game for maritime industry for the UAE, and the region. The giant 3D printer will provide numerous advantages during the manufacturing process, enabling engineers to design parts with increased complexity in drastically shorter timeframes. The additive manufacturing is anticipated to have an annual growth of 30 per cent over the next five years.

According to the market research, the global additive manufacturing market size was valued at Dh50.8 billion in 2021 and is expected to reach Dh161 billion by 2027. ASM is expecting to utilise the machinery by over 30 per cent in 2023 and up to 90 per cent in 2027 with an estimated turnover of more than Dh30 million per year.

Al Seer Marine is swiftly becoming a key player in the global maritime shipping sector as it continues to grow its tanker fleet. The company’s fleet valued today at more than Dh2.4 billion, with newcomer ‘MT Meissa’ tanker officially joined its growing Fleet in a Dh132 million deal.

— muzaffarrizvi@khaleejtimes.com