REG - Ocean Wilsons Hldgs - 1st Quarter Results

Ocean Wilsons HoldingsAnnouncement

08/05/2024 07:00

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RNS Number : 4634N  Ocean Wilsons Holdings Ltd  08 May 2024

Ocean Wilsons Holdings Limited

 

Quarterly Update - Q1 2024

 

 

Ocean Wilsons Holdings Limited (LSE: OCN) today announces its first quarter
update for 2024.

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 port and maritime
logistics company in Brazil.

Implied Net asset value at 31 March 2024

At market close on 31 March 2024, the gross trading value of the Ocean
Wilsons' investment in Wilson Sons totalled US$890.2 million, which
represents US$25.17 (£19.94) per Ocean Wilsons' share. The investment
portfolio was valued at US$322.8 million which represents US$9.13 (£7.23)
per Ocean Wilsons' share. In aggregate, including US$25.8 million of cash at
the holding company level, this results in an implied net asset value before
tax per Ocean Wilsons' share of US$35.03 (£27.75).

Investment Portfolio

In the 3 months ended 31 March 2024 the portfolio increased in value by
US$12.7 million, or 4.1%. This result was driven by the strong performance of
the public asset portfolio and the fact that the defensive portfolio performed
well versus government bonds.

Wilson Sons' Q1 2024 Financial Results

Wilson Sons' Q1 2024 net revenues of US$129.4 million were 17.9% higher than
Q1 2023 (US$109.8 million). Profit for the quarter was US$21.2 million up
29.3% over the prior year. (Q1 2023: US$16.4 million).

Towage revenues for the period were 13.0% higher at US$60.1 million (Q1 2023:
US$53.2 million). Harbour manoeuvres increased 7.2% mainly due to a greater
number of ships carrying iron ore, grain and containers. In March 2024, Wilson
Sons' shipyard delivered the 90-tonne bollard pull tug WS Dorado and another
elite newbuild is scheduled to join the fleet in Q3 2024.

Container terminal revenues for the quarter increased 39.0% to US$51.3 million
(Q1 2023: US$36.9 million) driven by volume growth in all trade flows and
higher revenues from ancillary services. Salvador recorded its best quarter
ever with a growth in TEUs of 28.7%, and similarly, Rio Grande witnessed a
remarkable increase of 20.4%. In a strategic move in April 2024, Wilson Sons
established a landmark partnership that positions Rio Grande as a key hub port
on South America's east coast. This initiative integrates a feeder service
with a direct route to Asia, concentrating cargo from Argentina, Uruguay and
southern Brazil at the Company's terminal and further strengthening its
operations and market position.

Demand for Wilson Sons' offshore energy-related services has improved
markedly. Offshore support vessel revenues increased 15.1% to US$29.8 million
compared to the same period in the prior year (Q1 2023: US$25.9 million)
driven by improved fleet utilisation and higher daily rates. Operating days
rose 8.7% due to new hires and contract renewals.

On 7 May 2024, Wilson Sons announced its Q1 2024 results to the Brazilian
Stock Exchange (B3). The full announcement is available on the Wilson Sons'
investor relations webpage (www.wilsonsons.com.br (about:blank) /ir) and on
the website of the Brazilian Securities and Exchange Commission.

 

 

Enquiries

 

 Company                                 +1 441 295 1309

 Leslie Rans, CPA

 Chief Operating and Financial Officer

 Peel Hunt LLP, Broker                   +44 20 7418 8900

 Edward Allsopp, Charles Batten

 Media                                   +44 20 7562 4444

 David Haggie

 Haggie Partners LLP

 

 

 

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