REG - Ocean Wilsons Hldgs - Ocean Wilsons Quarterly Update – Q3 2024

Ocean Wilsons HoldingsAnnouncement

08/11/2024 08:00

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RNS Number : 3949L  Ocean Wilsons Holdings Ltd  08 November 2024

Ocean Wilsons Holdings Limited

 

Quarterly Update - Q3 2024

 

 

Ocean Wilsons Holdings Limited (LSE: OCN) today announces its third 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 30 September 2024

On 21 October 2024 the Company announced it has agreed to sell its subsidiary
Wilson Sons for an estimated US$593 million, net of taxes and transaction
costs equivalent to US$16.77 (£12.53) per Ocean Wilsons share. It should be
noted that this transaction is based on a BRL offer price of R$17.50 per share
which will be converted to USD at the exchange rate on the date of closing.

At 30 September 2024, the investment portfolio was valued at US$327.9 million
which represents US$9.27 (£6.93) per Ocean Wilsons' share.

In aggregate, including US$23.2 million of cash at the holding company level,
this results in an implied net asset value per Ocean Wilsons' share
of US$26.70 (£19.95).

Investment Portfolio

In the 9 months ended 30 September 2024 the portfolio increased in value by
US$17.8 million, or 5.7%. This result was driven by the strong performance of
the public asset portfolio, particularly within the thematic exposures where
there were good returns from the technology and insurance sectors, and the
robust performance of the diversifying portfolio which outperformed government
bonds.

Wilson Sons' Q3 2024 Financial Results

Wilson Sons' year to date Q3 2024 net revenues of US$400.7 million were 12.4%
higher than Q3 2023 (US$356.4 million). Profit for the 9 months period was
US$69.1 million, up 18.2% over the prior year (2023: US$58.5 million).

Towage revenues year to date were 7.1% higher at US$194.0 million (2023:
US$181.1 million). Harbour manoeuvres increased 4.7% mainly due to a greater
number of ships carrying iron ore, grains, vehicles and breakbulk cargo.

Container terminal revenues year to date increased 22.2% to US$149.5 million
(2023: US$122.3 million) driven by volume growth and increased revenues from
ancillary services. Salvador terminal operating volumes increased 22.2% to
355.5 TEUs (2023: 291.0 TEUs) and Rio Grande terminal operating volumes
increased 29.3% to 616.6 TEUs (2023: 476.7 TEUs) for the 9 months period.
These results are attributed to the strategic move in April 2024, where Wilson
Sons established a partnership that positions Rio Grande as a key hub port on
South America's east coast.

On 7 November 2024, Wilson Sons announced its Q3 2024 results to the
Brazilian Stock Exchange (B3). The full announcement is available on the
Wilson Sons' investor relations webpage (www.wilsonsons.com.br (about:blank)
/ir) and on the website of the Brazilian Securities and Exchange Commission.

Strategic Review

The Company announced that it has entered into an agreement with MSC, the
international shipping group, to sell its entire shareholding in Wilson Sons.
This strategic decision marks an important milestone, aligning with the
Company's focus on enhancing shareholder value. The transaction is expected to
close by 2H 2025, subject to regulatory approvals and customary closing
conditions.

The Board is pleased with the outcome of the strategic review and believes
this divestment is in the best interests of our shareholders. The Company
remains committed to keeping the market informed throughout this process as
required.

 

 

 

 

Enquiries

 

 Company                                 +1 441 295 1309

 Leslie Rans, CPA

 Chief Operating and Financial Officer

 Peel Hunt LLP, Broker                   +44 20 7418 8900

 Edward Allsopp, Charles Batten

 Media                                   +44 20 7562 4444

 David Haggie

 Haggie Partners LLP

 

 

 

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