ABL Group Announces Q4 2023 Financial Results

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

ABL Group’s 2023 fourth quarter results
HIGHLIGHTS Q4 2023
- 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

HIGHLIGHTS FULL YEAR 2023
- 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.


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