PHOTO
Al Seer Marine PJSC (ASM). Image courtesy WAM.
ABU DHABI - Al Seer Marine, a subsidiary of International Holding Company (IHC), has announced its financial results for 2024, highlighting operational growth amidst market-driven recovery trends.
The company recorded a 4.0 percent increase in total revenue to AED1.281 billion. This growth was achieved through diversification across key sectors. This included the commencement of operations for four new MR tankers in the Commercial Sector, a surge in demand for yacht management services in the Yachting Sector, and the establishment of new maintenance and technical support contracts in the innovation, defence, and technologies sectors.
In addition, Al Seer Marine had a 6.2 percent increase in gross profit, reaching AED153 million in 2024, driven by the successful implementation of efficiencies and optimisation measures. The company’s total assets stood at approximately AED8.4 billion as of the end of 2024.
Guy Neivens, CEO of Al Seer Marine, commented, “Our focus in 2024 remained firmly on strengthening our operational capabilities and reinforcing our position as a maritime powerhouse. We expanded our fleet with cutting-edge, future-proof tankers and enhanced our shipbuilding capabilities through Dune, our joint venture with Damen International, to construct both naval and commercial vessels.
"Additionally, our state-of-the-art USV solutions and the world’s largest advanced 3D printing facility at our headquarters have firmly established Al Seer Marine as a leader in innovation within the maritime industry.”