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ABL Group’s 2022 first-quarter results

Highlights Q1 2022

  • Record quarterly revenues, EBIT and operating cash flow
  • Revenues of USD 39.6 million (Q1 21: USD 36.7 million)
  • Operating profit of USD 2.8 million (Q1 21: USD 1.9 million)
  • Adjusted EBIT of USD 3.4 million (Q1 21: USD 2.4 million)
  • Net cash of USD 10.4 million (Q4 21: USD 8.2 million)
  • Semi-annual dividend of NOK 0.3 per share proposed

Reuben Segal, CEO of AqualisBraemar LOC ASA (“AqualisBraemar LOC”, “ABL Group” or the “Company”) commented:

“For the first quarter, we are pleased to report our highest quarterly revenue, operating profit and operating cash flow to date. We are seeing high and increasing activity across all our market sectors, resulting in improved staff utilisation and pricing power.

Revenues grew 8% year-on-year, primarily driven by continued high growth in our renewables consultancy OWC, which grew 56% compared to the same quarter last year. Investments made in recruitment, new business areas and high bid submission activity through 2021 are starting to pay off, enabling high activity in what is normally a seasonally weaker quarter for renewables.

These results represent the highest operating margin in a first quarter in the Company’s history. While the Middle East and Asia Pacific remain our strongest performers in terms of profitability, we see improvements across all segments relative to the last quarter. Synergies from the LOC acquisition, of which we have now realised USD 3.4 million of our USD 4.0 million target on a run rate basis, have contributed to the margin increase and we expect the remainder of these synergies to be realised during 2022.

Our market outlook remains upbeat, as an increased focus on energy security is expected to lead to increased demand for our services across renewables and oil and gas. This increased activity is likely to result in rate and cost inflation, and we remain focused on staying ahead of the curve as the market develops.”

A presentation of the quarterly results will be held today at 08:15 CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be webcasted live and available for replay shortly after. To watch the webcast and download the presentation, please visit our Reports and Presentations page.

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Sector(s) of interest



Oil & Gas