Al Seer Marine, a frontrunner in advanced maritime solutions and a subsidiary of IHC, announced its financial results for the first half of 2025, posting revenue of AED698 million, marking a 20.2 percent increase compared to the same period last year.
Operating profit grows year-on-year (YoY) to AED156 million from AED13 million backed by strong business performance.
Gross profit surges 81.7 percent YoY, rising from AED49 million to AED89 million, with margins expanding from 8.4 to 12.7 percent. 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 percent, reaching AED490 million, up from AED176 million in the first half of 2024, supported by improved collections and robust operating cash flows. Total assets rise 7.6 percent to AED8.1 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 AED1.815 billion.
On the growth front, the joint venture between Al Seer Marine and Damen International secured an AED1.3 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 AED660 million in revenues through 2035, exemplifying a capital-efficient model and support sustainable expansion.
