15th Nov 2023 09:52
(Alliance News) - Ocean Wilsons Holdings Ltd on Wednesday said its subsidiary saw profit and revenue rise in the year-to-date, while its other subsidiary's portfolio was flat.
Shares in Ocean Wilsons were up 8.6% to 1,069 pence each in London on Wednesday morning.
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. The subsidiaries are called Ocean Wilsons (Investments) Ltd and Wilson Sons SA respectively.
For Wilson Sons, in the first nine months of 2023, revenue was up 8.3% to USD356.4 million from USD329.0 million a year earlier. Earnings before interest, tax, depreciation and amortisation was up 14% to USD153.1 million from USD134.1 million, while profit was up 33% to USD58.5 million from USD43.9 million.
Ocean Wilsons said Wilson Sons towage revenues rose 11% on higher volume and increase in average revenue per manoeuvre and special operations.
Container terminal revenue rose 10% with volumes up 12%, while demand for offshore energy-linked services improved "markedly" as vessel turnarounds in the offshore support bases rose 52% and operating days in the offshore support vessel joint venture rose 17%.
For Ocean Wilsons (Investments), its investment portfolio in the third quarter of 2023 was flat against a backdrop of "generally negative global equity returns". In the first nine months of 2023, the portfolio increased in value by USD11 million, or 3.7%, from a year earlier.
By Greg Rosenvinge, Alliance News senior reporter
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