Bermudian-based Ocean Wilsons Holdings Ltd has reported a 2024 first-half profit after tax of $38.4 million, the company reported in a filing with the Bermuda Stock Exchange.

That is a drop of $9.5 million, or 19.8 per cent, compared with the 2023 first-half profit after tax of $47.9 million.

Ocean Wilsons is a Bermuda investment holding company which, through its subsidiaries, holds a portfolio of international investments and operates a maritime services company in Brazil. The company is listed on both the London Stock Exchange and the BSX.

Ocean Wilsons has two operating subsidiaries — Ocean Wilsons (Investments) Ltd and Wilson Sons SA. The company owns 100 per cent of OWIL and 57 per cent of Wilson Sons, which is fully consolidated in the company’s financial statements with a 43 per cent non-controlling interest.

The activities of Wilson Sons include towage, container terminals, offshore oil and gas support services, small vessel construction, logistics and ship agency.

Ocean Wilsons reported revenue of $262.4 million, a jump of $32.7 million, or 14.2 per cent, above the 2023 figure for the same period.

Operating profit was $68.4 million, which was up $12.5 million, or 22.4 per cent, compared with the same period in 2023.

The investment portfolio net return was $10.7 million, a drop of $500,000, or 4.5 per cent, on the 2023 first-half result.

Net cash inflow from operating activities was $90.5 million, nearly double the 2023 first-half figure of $45.5 million.

The company’s investment portfolio assets at June 30 totalled $319.6 million, up $8.7 million, or 2.8 per cent, year-on-year.

Ocean Wilsons had net assets at midyear of $789.8 million, a drop of $26 million, or 3.2 per cent, compared with half-year 2023.

Net debt at the half-year mark was $436.7 million, down $42.4 million, or 8.8 per cent, on the comparable figure in the previous year.

Caroline Foulger, chairwoman of Ocean Wilsons, said: “Wilson Sons has delivered a 14.2 per cent growth in revenues period on period, with a particular highlight being the addition of a new feeder route in South America and two new direct services connecting Asia to both Rio Grande and Salvador. These developments have significantly boosted container volumes, offsetting the temporary slowdown from the severe floods in the southern region of Brazil.”

Ms Foulger said a strategic review of the company’s investment in Wilson Sons was ongoing with an announcement of its outcome expected before the end of the year.

She added: “In summary, the first half of 2024 has been a period of strong operational performance for Ocean Wilsons Holdings Limited, primarily driven by the resilience and strategic advancements of Wilson Sons, supported by an investment return benchmarked to the market with a lower risk profile. We remain committed to our growth strategy and investment strategy and are optimistic about the future.”