8th Nov 2024 10:55
(Alliance News) - Ocean Wilsons Holdings Ltd on Friday reported revenue, profit and portfolio value growth so far in 2024, as it prepares to sell its stake in port operator Wilson Sons.
Wilson Sons operates a port and maritime logistics company in Brazil. It is one of two Ocean Wilsons subsidiaries, the other being Ocean Wilsons (Investments) Ltd, which manages the company's investment portfolio.
Ocean Wilsons, the Bermuda-based investment holding company, reported a 5.7% increase in its portfolio value over the nine months ending September 30 to USD327.9 million, or USD9.27 per share.
The company attributed the increase in portfolio value to the strong performance of public assets, particularly those exposed to the technology and insurance sectors.
For its Wilson Sons port business, the company reported net revenue of USD400.7 million in the nine months to September 30, 12% higher than USD356.4 million a year ago. Profit for the nine month period was up 18% to USD69.1 million from USD58.5 million a year ago.
Wilson Sons' towage revenue increased 7.1% at USD194.0 million from USD181.1 million a year ago. Volume of harbour manoeuvres increased 4.7% due to more ships carrying iron ore, grains, vehicles, and breakbulk cargo.
Year-to-date container terminal revenues rose by 22% to USD149.5 million, up from USD122.3 million in 2023, driven primarily by higher operating volumes and increased revenue from ancillary services. The Salvador terminal saw a 22% growth in operating volumes.
Ocean Wilsons in October said it agreed to sell its majority stake in Wilsons Sons. The sale of the roughly 56% stake is to SAS Shipping Agencies Services Sarl, a subsidiary of MSC Mediterranean Shipping Co SA.
The sale is for BRL4.35 billion, around USD768 million, it said at the time.
"This strategic decision marks an important milestone, aligning with the company's focus on enhancing shareholder value. The transaction is expected to close by 2H 2025, subject to regulatory approvals and customary closing conditions," Ocean Wilsons said on Friday.
Ocean Wilsons shares were 0.9% down at 1,317.50 pence each on Friday morning in London.
By Eva Castanedo, Alliance News reporter
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