ABL Group ASA: Q4 2022 financial results
28 February 2023 – ABL Group’s 2022 fourth-quarter results
HIGHLIGHTS Q4 2022
• Revenues of USD 42.8 million (Q4 21: USD 37.8 million)
• Operating profit of USD 2.5 million (Q4 21: USD 1.9 million)
• Adjusted EBIT of USD 3.5 million (Q4 21: USD 2.5 million)
• Net cash of USD 17.6 million (Q3 22: USD 15.1 million)
• Proposing semi-annual dividend of NOK 0.35 per share in H1 2023
HIGHLIGHTS FULL YEAR 2022
• Revenue of USD 167.9 million (2021: USD 150.7 million)
• Operating profit of USD 12.5 million (2021: USD 7.4 million)
• Adjusted EBIT of USD 15.5 million (2021: USD 9.6 million)
• Total dividend of NOK 0.6 per share paid during 2022
• Completed sale of Loss Adjusting business, now trading independently as SteegeXP
• Completed acquisition of Add Energy Group, adding wells consulting and asset integrity as business areas
Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”), commented:
“In all aspects, the fourth quarter represented strong performance as well as progression on the earlier quarters reported in 2022. This strong performance comes from our global employees’ daily delivery to clients but also demonstrates the benefits of past strategic moves, where strategic rationale is now feeding through to enhanced results. We expect to continue on this path.
As a result of the strong performance, we finished 2022 with a healthy net cash position allowing the Board to recommend a further increase in the half-yearly dividend, thus rewarding shareholders who have been supportive of our strategic moves.
As we look to 2023, I am pleased to see a positive outlook for ABL Group. Whilst our activity in the Maritime sector will remain relatively flat, the continued growth of offshore wind projects and the increased expenditure on oil & gas projects, both opex and now capex, provides confidence for 2023 and beyond.”
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 our Reports and Presentations page.
The quarterly report and a corresponding slide presentation are available on www.newsweb.no and on our Reports and Presentations page.