ABL Group ASA: Q3 2022 financial results

03 Nov 2022 06:00 CET

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 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, www.abl-group.com.

ENDS

For further information, please contact:

Investors and financial media:
Dean Zuzic, CFO, ABL Group ASA
Telephone: +47 41 43 35 60

Other media enquiries:
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About ABL Group
ABL Group (OSE: ABL Group ASA – ticker code “ABL”) offers independent energy and
marine consultancy to the global renewables, maritime and oil and gas sectors.
The group has offices in 38 countries worldwide. ABL Group operates under six
brands: ABL, OWC, Innosea, Longitude, Add Energy and ABL Yachts.

More information:
Access the news on Oslo Bors NewsWeb site

574583_Q3 2022 presentation_final.pdf