Highlights
• Profit for the year increased US$51.4 million to US$80.7 million (2015: US$29.3 million) benefiting from strong exchange gains.
• Operating margins* were a healthy 21.2%, in line with prior year (2015: 21.5%).
• The Brazilian Real appreciated 17% in the period against the US Dollar at year end from R$3.90 at 1 January 2016 to R$3.26 at the year end.
• Earnings per share for the year up by 191% to 127.4 cents (2015: 43.7 cents).
• Dividend unchanged at 63 cents per share (2015: 63 cents per share).
• Investment portfolio decreased US$5.5 million to US$238.9 million (2015: US$244.4 million).
*Operating margins are defined as operating profit divided by revenue.
José Francisco Gouvêa Vieira, Chairman of Ocean Wilsons, commented: “The Group produced another strong operating performance and solid financial results despite the challenging economic environment in Brazil. Profit for the year increased by US$51.4 million from US$29.3 million to US$80.7 million principally due to a positive exchange result arising from the appreciation of the Brazilian Real against the US Dollar at year end. Operating margins were a healthy 21% although revenue for the year was 10% lower at US$457.2 million impacted by lower shipyard activity and a higher average US Dollar / Brazilian Real exchange rate in the year.”