ABL Group Announces Q4 2023 Financial Results

Source: www.gulfoilandgas.com 2/22/2024, Location: Europe

ABL Group’s 2023 fourth quarter results
- Revenues of USD 67.7 million (Q4 22: USD 42.8 million)
- Operating profit of USD 3.9 million (Q4 22: USD 2.5 million)
- Adjusted EBIT of USD 5.0 million (Q4 22: USD 3.5 million)
- Net cash of USD 17.2 million (Q3 23: USD 14.9 million)
- Proposing semi-annual dividend of NOK 0.4 per share in H1 2024

- Revenue of USD 251.2 million (2022: USD 167.9 million)
- Operating profit of USD 16.5 million (2022: USD 12.5 million)
- Adjusted EBIT of USD 20.8 million (2022: USD 15.3 million)
- Total dividend of NOK 0.7 per share paid during 2023
- Completed acquisition of AGR and DWP

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”) commented:
“Ending the year with record high operational cash flows, 2023 represents another step change in the development of ABL Group. The acquisition of AGR accounted for a large element of our annual growth of 50%, but we also demonstrated organic growth in all existing parts of the business, led by in renewables consultancy OWC. We continue our investment in OWC, despite lower utilisation in the quarter, as this is a longer term play on building a leading renewables consultancy capability.

Our outlook for ABL Group for 2024 is upbeat. A larger share of global oil & gas expenditure is expected to go into offshore execution, where ABL Group’s core capacity lies. The offshore wind industry sentiment is improving ahead of what will be the busiest year of auctions ever in the sector. Finally, activity in the maritime sector remains high and stable, providing a robust base for our more cyclical operations.”

A presentation of the quarterly results will be held today at 08:30 CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be webcast live and available for replay shortly after. To watch the webcast, please visit ABL Group's website, www.abl-group.com.

Bermuda >>  4/12/2024 - Valaris Limited (NYSE: VAL) ("Valaris") will hold its first quarter 2024 earnings conference call at 9:00 a.m. CDT (10:00 a.m. EDT) on Thursday, May 2...
Canada >>  4/12/2024 - Brad Corson, chairman, president and chief executive officer, and Peter Shaw, vice-president, investor relations, Imperial Oil Limited, will host a 20...

Canada >>  4/12/2024 - The Board of Directors of Emera Inc. (TSX: EMA) declared quarterly dividends on its common shares and First Preferred Shares, each of which is payable...
Germany >>  4/12/2024 - - US$2 billion dual tranche green bond, with maturities of 10 and 30 years with a coupon of 5.875% and 6.250%
- Funds will be used to finance ...

United Kingdom >>  4/12/2024 - Further to its recent announcements, Petrofac provides an update on the status of ongoing negotiations as part of its review of strategic and financ...
United Kingdom >>  4/12/2024 - The Thrive PLC bond has been successfully repaid as planned after seven years. The bond offer, which was the first to be available within an IFISA, ra...

Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.