Ocean Wilsons Holdings Limited
Quarterly Update – Q1 2024
Ocean Wilsons Holdings Limited (LSE: OCN) today announces its first quarter update for 2024.
Our Operations
Ocean Wilsons Holdings Limited (“Ocean Wilsons,” the “Company”) is a Bermuda based investment holding company with two subsidiaries: Ocean Wilsons (Investments) Limited which holds a managed portfolio of global investments, and Wilson Sons S.A. (“Wilson Sons”), which operates a port and maritime logistics company in Brazil.
Implied Net asset value at 31 March 2024
At market close on 31 March 2024, the gross trading value of the Ocean Wilsons’ investment in Wilson Sons totalled US$890.2 million, which represents US$25.17 (£19.94) per Ocean Wilsons’ share. The investment portfolio was valued at US$322.8 million which represents US$9.13 (£7.23) per Ocean Wilsons’ share. In aggregate, including US$25.8 million of cash at the holding company level, this results in an implied net asset value before tax per Ocean Wilsons’ share of US$35.03 (£27.75).
Investment Portfolio
In the 3 months ended 31 March 2024 the portfolio increased in value by US$12.7 million, or 4.1%. This result was driven by the strong performance of the public asset portfolio and the fact that the defensive portfolio performed well versus government bonds.
Wilson Sons’ Q1 2024 Financial Results
Wilson Sons’ Q1 2024 net revenues of US$129.4 million were 17.9% higher than Q1 2023 (US$109.8 million). Profit for the quarter was US$21.2 million up 29.3% over the prior year. (Q1 2023: US$16.4 million).
Towage revenues for the period were 13.0% higher at US$60.1 million (Q1 2023: US$53.2 million). Harbour manoeuvres increased 7.2% mainly due to a greater number of ships carrying iron ore, grain and containers. In March 2024, Wilson Sons’ shipyard delivered the 90-tonne bollard pull tug WS Dorado and another elite newbuild is scheduled to join the fleet in Q3 2024.
Container terminal revenues for the quarter increased 39.0% to US$51.3 million (Q1 2023: US$36.9 million) driven by volume growth in all trade flows and higher revenues from ancillary services. Salvador recorded its best quarter ever with a growth in TEUs of 28.7%, and similarly, Rio Grande witnessed a remarkable increase of 20.4%. In a strategic move in April 2024, Wilson Sons established a landmark partnership that positions Rio Grande as a key hub port on South America’s east coast. This initiative integrates a feeder service with a direct route to Asia, concentrating cargo from Argentina, Uruguay and southern Brazil at the Company’s terminal and further strengthening its operations and market position.
Demand for Wilson Sons’ offshore energy-related services has improved markedly. Offshore support vessel revenues increased 15.1% to US$29.8 million compared to the same period in the prior year (Q1 2023: US$25.9 million) driven by improved fleet utilisation and higher daily rates. Operating days rose 8.7% due to new hires and contract renewals.
On 7 May 2024, Wilson Sons announced its Q1 2024 results to the Brazilian Stock Exchange (B3). The full announcement is available on the Wilson Sons’ investor relations webpage (www.wilsonsons.com.br/ir) and on the website of the Brazilian Securities and Exchange Commission.
Enquiries
| CompanyLeslie Rans, CPAChief Operating and Financial Officer | +1 441 295 1309 |
| Peel Hunt LLP, BrokerEdward Allsopp, Charles Batten | +44 20 7418 8900 |
| MediaDavid HaggieHaggie Partners LLP | +44 20 7562 4444 |