ABL Group ASA: Q3 2022 financial results
3 November 2022 – ABL Group’s 2022 third-quarter results
HIGHLIGHTS Q3 2022
- Revenues of USD 44.1 million (Q3 21: USD 38.0 million)
- Operating profit of USD 3.3 million (Q3 21: USD 1.3 million)
- Adjusted EBIT of USD 4.0 million (Q3 21: USD 2.0 million)
- Net cash of USD 15.1 million (Q2 22: USD 8.7 million)
- Acquisition of Add Energy completed in July
- Semi-annual dividend of NOK 0.3 per share declared – to be paid in November
Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”), commented:
“We are very pleased to report all-time high quarterly revenues for ABL Group in the third quarter. Due to the holiday season in key markets and the southwest monsoon season in India, the third quarter typically represents a significant drop in activity and profitability compared to the second quarter. This year, however, we can report revenue growth compared to the previous quarter, 16% annual growth, and a year-on-year doubling of EBIT. More than half of the annual revenue growth is organic.
Organic revenue growth in the quarter was primarily driven by our renewables consultancy OWC and specialist engineering consultancy Longitude, growing 23% and 33%, respectively compared to the same quarter last year. Profitability was solid across most regions, enabling the best third-quarter operating margin in the Company’s history.
It has been a pleasure to welcome Add Energy to the ABL family, and we are encouraged by the company’s improved performance during the early integration stage. Add Energy provides several new service lines for us, most notably asset integrity and well services. It represents a significant strengthening of our capabilities in the operating phase of renewables and oil and gas projects, and their high-quality staff provides added capacity to service the anticipated growth within all market segments.
Our market outlook remains upbeat, as increased focus on energy security and supply 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 08:30 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 ABL Group’s website, www.abl-group.com.
The quarterly presentation is available on www.newsweb.no and on ABL Group’s website.