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Our Organization
SUPPLIES 6 EQUIPMENT COMPANY PJ.S.C. t 441--,11,1n,q9-19C,-1-.,
ASM at a Glance
Al Seer Marine is the leading marine company in the Arabian maritime region, with a
portfolio of services that caters to all the needs of boat owners, managers and crew.
Overview We employ over 1,200 people across more than 50 nationalities. We have a reputation
for successfully navigating the most demanding requirements, which is why we are one of
theworld leadersinfuturistic boat manufacturing.
Our vision: Al Seer Marine to become an industry leader, oriented towards value creation for
ourshareholdersandensuringcustomersatisfaction.
Vision and
Our mission: Al Seer Marine offers its customers innovative and sustainable maritime solutions
Mission
for Commercial shipping, Maritime operations, and Boat & Shipbuilding, while still remaining
financiallycompetitivewithinacontinuouslychangingandchallengingindustry.
Al Seer Marine aims to leverage its longstanding best-in-class sector experience of its
Strategy management and service technicians teams to continually deliver high quality products,
with significant levels of reliability, utmost privacy, and outstanding customer service.
Business Segments
Blue Economy Construction & Yachting
Manufacturing
Innovation &
Defense & Security
Sustainability
Key Events in H1-2023
January 2023 February 2023 March 2023 May 2023 June 2023
Al Seer Marine made
- Launch Mega-II Al Seer Marine took
Al Seer Marine -Order 2 MR a major AED 257m
largest over its first very large
acquired a gas tankers AED 156m cornerstone
maritime 3D carrier deal for per unit investment and gas carrier (VLGC),
printer AED 331m -Ordered 2 VLGC additional with a second
- Acquisition of subscription AED expected to be
AED 724m
MR tanker AED 110m in ADNOC delivered in
132m Logistics & Services September delivery of
PLC one VLGC
3Financial Results
Income Statement
Revenue
564
18.9%
▪ Al Seer Marine reported a revenue of AED 564m in
H1-2023 registering a 18.9% increase vis-à-vis H1-
2022 driven by a positive performance across all
475
business lines.
▪ The growth in revenue is driven by the rapid increase in
the company’s fleet operations with 7 vessels sailing
effectively since 2022. H1-2022 H1-2023
Gross Profit 74
92.5%
▪ Al Seer Marine reported a gross profit of AED 74m in
H1-2023 registering an increase of 92.5% vis-à-vis H1-
38
2022 gross profit fueled by an increased revenue on
the back of higher activity.
▪ Gross margin increased from 8.1% in H1-2022 to
13.1% in H1-2023 driven by an increased profitability
from the newly acquired vessels. H1-2022 H1-2023
EBIT
53
▪ Al Seer Marine reported an EBIT of AED 53m in H1- 134.7%
2023 registering a 134.7% increase vis-à-vis H1-2022
driven by increased profitability and improved cost
22
controlacross the company.
▪ EBIT margin increased from 5.2% in H1-2022 to
10.28% in H1-2023 showcasing improved operational
performance. H1-2022 H1-2023
Net income
883
▪ Al Seer Marine reported a net loss of AED (750m) in
H1-2023 despite the increased profitability and an
improved operational performance across all business
lines.
▪ The net loss is mainly due to a mark to market loss on
investments carried at FVTPL of AED 784m, as equity
(750)
markets have been affected by the recent economic
H1-2022 H1-2023
headwinds impacting certain quoted investments.
Note: Figures in AED
4n AL SEER MARINE
Financial Results
51.1141 '5 5 WOMEN,' COMPANY P.J.S.C. \....0110. 311.4 aq--.0,:d.44-1-09 ,las-4311
Balance Sheet
Acquisition & investments made during the year, in alignment with the company's growth strategy, has
increased the size of PP&E by 63.6% reaching AED 1.2Bn in H1-2023 from AED 730m in H1-2022.
Cash balance decreased from AED 2.9Bn in H1-2022 to AED 316m in H1-2023, following the recent
acquisitions and the repayment of borrowings.
Total liabilities decreased from AED 4.8Bn in H1-2022 to AED 3.1Bn representing a decrease of 34.7%
mainly due to a significant decrease in borrowings to the tune of AED 1.7Bn.
In May 2023, Al Seer Marine achieved an important milestone through its cornerstone investment of
AED 257m in ADNOC Logistics & Services, and an additional AED 110m subscription making it a major
investor in the recent IPO. The investment comes as part of the company's strategy to diversify its
portfolio.
AEDm H1-2022 H1-2023 YoY %
Total Assets 11,580 9,296 -19.7%
Cash 2,906 316 -89.1%
Total Liabilities 4,778 3,119 -34.7%
Borrowings 4,449 2,756 -38.1%
Total Equity 6,801 6,178 -9.2%
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Financial Results
SUPPLIES S EOUIMENI COMPANY P.J.B.C. ',...00411111111141,..60/ 311.4 afi--wila=.44-a;
Balance Sheet
Acquisition & investments made during the year, in alignment with the company's growth strategy, has
increased the size of PP&E by 63.6% reaching AED 1.2Bn in H1-2023 from AED 730m in H1-2022.
Cash balance decreased from AED 2.9Bn in H1-2022 to AED 316m in H1-2023, following the recent
acquisitions and the repayment of borrowings.
Total liabilities decreased from AED 4.8Bn in H1-2022 to AED 3.1Bn representing a decrease of 34.7%
mainly due to a significant decrease in borrowings to the tune of AED 1.7Bn.
In May 2023, Al Seer Marine achieved an important milestone through its cornerstone investment of
AED 257m in ADNOC Logistics & Services, and an additional AED 110m subscription making it a major
investor in the recent IPO. The investment comes as part of the company's strategy to diversify its
portfolio.
AEDm H1-2022 H1-2023 YoY %
Total Assets 11,580 9,296 -19.7%
Cash 2,906 316 -89.1%
Total Liabilities 4,778 3,119 -34.7%
Borrowings 4,449 2,756 -38.1%
Total Equity 6,801 6,178 -9.2%
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Sentiment: positive