Ocean Wilsons Holdings Ltd Quarterly Update -- Q1 2023 (9753Y)

TIDMOCN

RNS Number : 9753Y

Ocean Wilsons Holdings Ltd

11 May 2023

Ocean Wilsons Holdings Limited

Quarterly Update - Q1 2023

Ocean Wilsons Holdings Limited (LSE: OCN) today announces its first quarter update for 2023.

Our Operations

Ocean Wilsons Holdings Limited ("Ocean Wilsons", "the Company") is a Bermuda based investment holding company with two subsidiaries: Ocean Wilsons (Investments) Limited which holds a managed portfolio of global investments, and Wilson Sons S.A. ("Wilson Sons"), which operates a maritime services and logistics company in Brazil.

Net asset value at 31 March 2023

As at market close on 31 March 2023, the trading value of the Ocean Wilsons' investment in Wilson Sons totalled approximately US$470.9 million, which represents US$13.31 (GBP10.79) per Ocean Wilsons share. The investment portfolio was valued at approximately US$298.1 million which represents US$8.43 (GBP6.83) per Ocean Wilsons share. In aggregate, including US$8.4 million of cash at the holding company level, results in an implied net asset value per Ocean Wilsons share of US$21.98 (GBP17.81).

Investment Portfolio

The investment portfolio, including cash under management, increased US$4.3 million, or 1.5%, for the three-month period (31 December 2022: $293.8 million).

Wilson Sons' Q1 2023 Financial Results

Wilson Sons reported Q1 2023 net revenues of US$109.8 million were 8.3% higher than the first quarter of 2022 (US$101.4 million) and EBITDA of US$46.1 million was in line with the prior year comparative (US$45.9 million).

Towage EBITDA rose 18.2% year-over-year with higher volume and an increase in average revenue per manoeuvre and special operations. During the quarter, our shipyard delivered WS Rosalvo, the third of a series of six tugboats with over 90 tonnes of bollard pull. The remaining three tugs will be launched by the end of 2024.

Q1 2023 container terminal revenues were US$36.9 million (Q1 2022: US$35.0 million) with aggregated volumes up 6.6% although EBITDA decreased 5.4% when compared to Q1 2022 due to higher costs such as payroll taxes and corporate expenses apportionment. The Rio Grande terminal reported a 7.3% increase in overall container handling mainly due to higher empty, transhipment, inland navigation and import flows. The Salvador terminal had a 5.5% improvement in overall container volumes mainly reflecting a better performance of empty, cabotage and export flows.

Demand for our offshore energy-linked services improved markedly as vessel turnarounds in our offshore support bases increased 76.0% and operating days in our offshore support vessel joint venture rose 24.6% year-over-year. Revenues for the first quarter were US$4.2 million (Q1 2022: US$2.2 million).

On 10 May 2023, Wilson Sons announced to the São Paulo Stock Exchange its results for the first quarter 2023. The full announcement is available on the Wilson Sons website ( www.wilsonsons.com.br ) and at the Brazilian stock exchange website.

Enquiries

 
 Company Contact 
  Leslie Rans, CPA 
  Chief Operating and Financial Officer     +1 441 295 1309 
 Media 
  David Haggie 
  Haggie Partners LLP                      +44 20 7562 4444 
 Peel Hunt, Broker 
  Edward Allsopp, Charles Batten           +44 20 7418 8900

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

QRFFBLFFXELBBBZ

(END) Dow Jones Newswires

May 11, 2023 02:00 ET (06:00 GMT)

Ocean Wilsons (holdings)... (LSE:OCN)
Historical Stock Chart
From Oct 2024 to Nov 2024