Ocean Wilsons Holdings Ltd Quarterly Update (9851R)
11 November 2021 - 06:00PM
UK Regulatory
TIDMOCN
RNS Number : 9851R
Ocean Wilsons Holdings Ltd
11 November 2021
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THE
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Ocean Wilsons Holdings Limited
Quarterly Update
Ocean Wilsons Holdings Limited (LSE: OCN) today announces its
third quarter update for 2021.
Our Operations
Ocean Wilsons Holdings Limited ("Ocean Wilsons", "the Company")
is a Bermuda based investment holding company with two
subsidiaries: Ocean Wilsons Investments Limited ("OWIL") which
manages a portfolio of international investments, and Wilson Sons
Holdings Brazil S.A. ("Wilson Sons"), which operates a maritime
services and logistics company in Brazil.
Wilson Sons' Q321 Financial Results
Group revenue for the quarter ended 30 September 2021, at
US$104.0 million, was 18.0% higher than the comparative period
(2020: US$88.1 million) principally due to strong towage volumes
and growth in logistics and container terminals over the previous
year. In BRL terms revenue was 9.6% higher than prior year. The
average USD/BRL exchange rate in the period at R$5.23 was 2.8%
lower than the comparative period (2020: R$5.38).
Container terminal revenue for the quarter was 12.6% higher than
prior year at US$36.6 million (2020: US$32.5 million) mainly due to
increases in warehousing and other services. Total containers moved
declined 7.4% at 258,400 TEUs (2020: 279,100 TEUs) as the impact of
global container availability and delays in off-loading cargo
continue to challenge container volumes. Import volumes in the
period improved but exports declined impacted by worldwide logistic
bottlenecks and lack of empty containers. Towage revenue at US$53.2
million was 20.7% higher than the third quarter of 2020 (US$44.1
million) due to an improved average revenue per manoeuvre and
revenue from special operations.
Wilson Sons' EBITDA for the third quarter, at US$44.9 million,
was 17.9% higher than prior year (2020: US$38.1 million) and for
the nine months ended 30 September 2021 was 16.2% higher at
US$129.8 million (2020: US$111.7 million).
Wilson Sons' profit after tax for the third quarter of US$6.6
million was US$3.6 million lower than the comparative period in
2020 (US$10.2 million) and for the nine months ended 30 September
2021 was US$22.1 million higher at US$34.2 million (2020: US$12.1
million), principally due to improved operating results coming out
of the pandemic and improved impact of foreign exchange rates over
2020.
On 10 November 2021, Wilson Sons announced to the São Paulo
Stock Exchange its results for the third quarter ended 30 September
2021. The full announcement is available on the Wilson Sons website
( www.wilsonsons.com.br ) and at the Brazilian stock exchange
website.
The CEO of Wilson Sons Limited operations in Brazil, Fernando
Salek, stated:
"In October, we commenced a new stage for the Company with the
listing on the Novo Mercado of B3 reinforcing our commitment to the
best governance practices and value creation for all our
stakeholders. Wilson Sons 3Q21 EBITDA of US$129.8 million was an
increase of 16.2% over 3Q20 (US$111.7 million) with strong
operating revenue.
Container terminals operating results were strongly impacted,
mainly by exports, the limited availability of empty containers and
worldwide logistics bottlenecks and we expect this will continue to
be a challenge for export volume growth over the coming months.
Transshipment continues however to perform well YTD, with a 53.3%
increase against 9M20. Due to the better mix, net revenues from the
container terminals were R$564.6 million, 12.2% above 9M20 (R$503.0
million).
Towage results benefited from resilient operating volumes, while
average revenue per manoeuvre rose 8.6% due to a better revenue mix
and revenues from special operations. Oil and gas support services
still face increasing costs due to the COVID-19 pandemic protocols
and the scenario of oversupply of offshore support vessels, despite
some early signs of improvements evidenced on the demand side.
Throughout 2021, we reflected on Wilson Sons' role in
contributing to the sustainable development of Brazil, an essential
part of our corporate purpose. We believe in working together to
transform our reality and bring about a better future, as part of
our objective of being a positive force in society.
Health and safety continue to be fundamental for our business
and we are closely monitoring the evolution of the pandemic. In
September we completed the vaccination of 90% of operational staff.
However, it will still be necessary to maintain certain safety and
control measures during the pandemic, even after reaching full
immunization of employees.
I would like to thank the entire Wilson Sons team for the
historic changes achieved in the context of the restructuring and
new listing, and the results so far in 2021. I am extremely happy
and proud of the path we are following and our future
perspectives."
Investment Portfolio
At 30 September 2021, the investment portfolio including cash
under management amounted to US$340.8 million (30 September 2020:
$282.2 million) an increase of 20.7% year on year. Year to date the
investment portfolio's cash under management has increased by
US$29.9 million or 9.6%. The investment portfolio represents
US$9.64 or GBP7.15 per Ocean Wilsons share. At 31 October 2021, the
investment portfolio including cash under management amounted to
US$351.8 million.
Enquiries
Company Contact
Leslie Rans +1 441 295 1309
Media
David Haggie
Haggie Partners LLP +44 20 7562 4444
Peel Hunt
Sam Cann (Corporate Finance), Charles
Batten +44 20 7418 8900
Person responsible:
The person responsible for arranging the release of this announcement
on behalf of Ocean Wilsons is Leslie Rans.
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