Press releases, Reports & Disclosures for Al Seer Marine Supplies & Equipment Company P.J.S.C

The document contains reports and consolidated financial statements for AL Seer Marine Supplies and Equipment Company PJSC for the fiscal year ending on 31 December 2023.

Al Seer Marine, a subsidiary of International Holding Company, reported a revenue of AED 1,232m in 2023, an increase of 10.8% from the previous year. The company's operating profit was AED 106m, an 11.1% YoY increase, with an operating margin of 8.6%. Despite this, the company reported a net loss of AED 1,025m due to mark-to-market losses on investments. Al Seer Marine also invested AED 367m in ADNOC Logistics and Services as part of its diversification strategy.

The text is a management discussion and analysis report from Alseer Marine Supplies & Equipment Company for the period ending on 30th June 2023. The management report covers the full year ending on 31st December 2023.

Al Seer Marine and L3Harris Technologies have renewed their strategic partnership to accelerate the delivery, advancement, and long-term sustainment of Unmanned Surface Vessels (USVs). The USV market is expected to be valued at AED 3.5 billion (USD 967 million) in 2023. The partnership will enhance the competitive advantage for both companies by leveraging uncrewed systems. The renewed agreement will allow Al Seer Marine to continue manufacturing and delivering USVs across various markets in the Gulf Cooperation Council region. The surge in the adoption of unmanned systems is driving market growth due to their risk mitigation benefits and enhanced operational accuracy.