Abu Dhabi's Al Seer Marine Supplies and Equipment Co., a subsidiary of International Holding Company (IHC), announced its Q2-2022 net profit at AED882.9 million compared to AED411.3 million in the year-ago period.

The ADX listed company said in a bourse filing that it expects the strong growth continue through the year as it consolidates cargo volumes and builds global strategic partnerships.

Revenue came in 74% higher at AED474.82 million, while assets measured was at AED11.58 billion.

Guy Neivens, CEO, said Al Seer Marine capitalised on opportunities in the maritime industry to build further scale and drive revenue. "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."

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com