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ABL Group ASA: Q1 2024 financial results

25 April 2024 – ABL Group’s 2024 first-quarter results


  • Revenues of USD 68.9 million (Q1 23: USD 45.2 million)
  • Operating profit of USD 3.4 million (Q1 23: USD 2.7 million)
  • Adjusted EBIT of USD 3.7 million (Q1 23: USD 3.2 million)
  • Net cash of USD 19.4 million (Q4 23: USD 17.2 million)
  • Proposed semi-annual dividend of NOK 0.4 per share in H1 2024 upheld

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”), commented:
“We achieved solid operating results in the first quarter. The acquisition of AGR accounted for a large element of our annual growth of 53%, but we also demonstrated organic growth in all existing parts of the business. We delivered year-on-year margin improvement across three of our four segments, while our renewables consultancy, OWC, experienced lower utilisation in a tough offshore wind market.

Our outlook for ABL Group for 2024 remains 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 in 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 our Reports and Presentations page.