ABL Group ASA: Q4 2022 financial results

28 Feb 2023 06:00 CET

28 February 2023 – ABL Group’s 2022 fourth quarter results

HIGHLIGHTS Q4 2022

• Revenues of USD 42.8 million (Q4 21: USD 37.8 million)
• Operating profit of USD 2.5 million (Q4 21: USD 1.9 million)
• Adjusted EBIT of USD 3.5 million (Q4 21: USD 2.5 million)
• Net cash of USD 17.6 million (Q3 22: USD 15.1 million)
• Proposing semi-annual dividend of NOK 0.35 per share in H1 2023

HIGHLIGHTS FULL YEAR 2022

• Revenue of USD 167.9 million (2021: USD 150.7 million)
• Operating profit of USD 12.5 million (2021: USD 7.4 million)
• Adjusted EBIT of USD 15.5 million (2021: USD 9.6 million)
• Total dividend of NOK 0.6 per share paid during 2022
• Completed sale of Loss Adjusting business, now trading independently as
SteegeXP
• Completed acquisition of Add Energy Group, adding wells consulting and asset
integrity as business areas

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”) commented:
“In all aspects the fourth quarter represented strong performance as well as
progression on the earlier quarters reported in 2022. This strong performance
comes from our global employees’ daily delivery to clients but also demonstrates
the benefits of past strategic moves, where strategic rationale is now feeding
through to enhanced results. We expect to continue on this path.

As a result of the strong performance, we finished 2022 with a healthy net cash
position allowing the Board to recommend a further increase in the half yearly
dividend, thus rewarding shareholders who have been supportive of our strategic
moves.

As we look to 2023, I am pleased to see a positive outlook for ABL Group.
Whilst our activity in the Maritime sector will remain relatively flat, the
continued growth of offshore wind projects and the increased expenditure on oil
& gas projects, both opex and now capex, provides confidence for 2023 and
beyond.”

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 web site, www.abl-group.com.

The quarterly report and a corresponding slide presentation is available on
www.newsweb.no and on ABL Group's web site, www.abl-group.com.


ENDS

For further information, please contact:

Investors and financial media:
Stuart Jackson, CFO, ABL Group ASA
Email: stuart.jackson@abl-group.com

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

583715_Q4 2022 presentation_final.pdf
583715_Q4 2022 report_final.pdf