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Al Seer Marine Reports Increase in Operating Profit to AED 156 Million with AED 698 Million in Revenue for the First Half of 2025
Revenue rises 20.2% year-on-year, supported by enhanced asset utilisation.
Gross profit climbs 81.7% to AED 89 million, with gross margin expanding from 8.4% to 12.7%.
Cash balance grows 178% to AED 490 million, driven by stronger collections.
Total assets rise 7.6% to AED 8.1 billion, whilst total borrowings decrease by 16%.
Abu Dhabi, Monday 28th July 2025:Al Seer Marine (ADX: ASM), a frontrunner in advanced maritime solutions and a subsidiary of IHC, today announces its financial results for the first half of 2025. The company posts revenue of AED 698 million, marking a 20.2% increase compared to the same period last year.
Operating profit grows year-on-year to AED 156 million from AED 13 million backed by strong business performance. Gross profit surges 81.7% year-on-year, rising from AED 49 million to AED 89 million, with margins expanding from 8.4% to 12.7%. This improvement is supported by strong revenue growth and enhanced asset utilisation, primarily due to the expansion of fleet operations with the addition of 6 MR chemical Tankers.
The company's cash balance increases by 179%, reaching AED 490 million, up from AED 176 million in the first half of 2024, supported by improved collections and robust operating cash flows. Total assets rise 7.6% to AED 8.1 billion.
Guy Neivens, Chief Executive Officer of Al Seer Marine, said: “Built on the ‘Investor First’ mindset, our strategy centres on smart capital restructuring, supported by the company’s robust assets, to drive portfolio expansion under highly competitive financing terms. We have also accelerated growth through strategic joint ventures with global industry leaders, while maintaining a strong commitment to disruptive technologies and innovation. This multi-faceted, future-proof approach has delivered consistent revenue growth, rapid expansion, and improved profitability."
Key to the company’s capital restructuring and improved liquidity were financing agreements secured with leading international and regional financial institutions, totalling AED 1.815 billion.
On the growth front, the joint venture between Al Seer Marine and Damen International secured an AED 1.3 billion contract in March 2025 from the Tawazun Council to build offshore patrol vessels for the UAE Navy. Furthermore, ASBI Shipping FZCO — a joint venture with B International Shipping & Logistics — signed a ten-year charter for two LPG tankers, Alkaid and Alcor, locking in AED 660 million in revenues through 2035. These collaborations exemplify a capital-efficient model and support sustainable expansion.