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Ocean Wilsons Holdings Limited (LSE:OCN) is an investment holding company based in Bermuda, listed on both the London Stock Exchange and the Bermuda Stock Exchange. It operates through its subsidiaries, managing a global investment portfolio and providing maritime services in Brazil.
Financial Highlights
For the six-month period ending 30 June 2024, Ocean Wilsons reported the following financial results (in USD millions):
- Revenue: $262.4 million, up from $229.7 million, reflecting a 14.2% increase.
- Operating Profit: $68.4 million, compared to $55.9 million, an increase of 22.4%.
- Profit After Tax: $38.4 million, down from $47.9 million, a decrease of 19.8%.
- Investment Portfolio Net Return: $10.7 million, a decrease of 4.5% from $11.2 million.
- Net Cash Inflow from Operating Activities: $90.5 million, up from $45.5 million, showing a 98.9% increase.
As of 30 June 2024:
- Investment Portfolio Assets: $319.6 million, up from $310.9 million, a 2.8% increase.
- Net Assets: $789.8 million, down from $815.8 million, a decrease of 3.2%.
- Net Debt: $436.7 million, reduced from $479.1 million, an 8.8% decrease.
For the six months ended 30 June 2024:
- Dividend Paid Per Share: $0.85, an increase of 21.4% from $0.70.
- Earnings Per Share: $0.711, down from $0.862, a decrease of 17.5%.
Chair's Statement
The first half of 2024 demonstrated notable operational performance for Ocean Wilsons Holdings Limited, primarily driven by Wilson Sons' growth and resilience. Wilson Sons experienced a 14.2% increase in revenue, enhanced by new routes and services despite challenges from severe floods in Brazil. The company's container terminal growth and other operations have contributed to strong cash generation.
The investment portfolio achieved a 3.9% gross return, consistent with the benchmark and outperforming the 60:40 comparative index. The investment strategy is focused on sustainable returns and balancing exposure across public and private markets. Private markets have lagged behind public markets, but this is expected to be temporary. Geopolitical uncertainties and anticipated interest rate declines are expected to influence long-term asset returns.
Investment Manager's Report
Global markets remained strong, led by the US and technology sector, though bond markets faced challenges due to rising yields. The investment portfolio's gross return of 3.9% performed well compared to benchmarks. Public equity and hedge funds, particularly in technology, contributed significantly to returns. Private markets showed improvement in certain areas, despite a general slowdown.
