22nd Mar 2024 10:40
(Alliance News) - Ocean Wilsons Holdings Ltd on Friday said higher investment portfolio returns led its annual profit to skyrocket, but said its outlook is uncertain given ongoing global conflicts and the upcoming UK and US general elections.
Ocean Wilsons is a Bermuda-based investment holding company which, through its two subsidiaries, holds a portfolio of international investments and operates a maritime services company in Brazil.
Pretax profit more than tripled in 2023 to USD130.7 million from USD38.1 million the year before. This was driven by an increase in operating profit of USD11.9 million and an increase in the investment portfolio returns of USD77.0 million, Ocean Wilsons said.
Revenue also increased 10% to USD486.6 million compared to USD440.1 million a year ago, mainly due to "excellent results in towage and container terminals and a strong performance in offshore energy-related services," commented Chief Executive Officer Fernando Salek.
Ocean Wilsons proposed a dividend per share of 85 US cents, up 6.7% from 70 cents in 2022.
Looking ahead, the firm said it started 2024 in a "position of strength", due to a solid performance in 2023, but said its outlook remained uncertain due to continuing armed conflict in several regions, as well as the upcoming UK and US elections.
Shares in Ocean Wilsons fell 0.6% to 1,331.70 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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