Print Friendly, PDF & Email

Wilh. Wilhelmsen Holding (WWH) reports an [ds_preview]increase in total income and operating profit in the fourth quarter. All business segments experienced higher income, partly due to non-recurring items.

Revenue for the group was 8% up to 710 mill. $, said the Oslo-listed shipowner. The operating profit for the quarter was 86 mill. $, which is an increase of 37% from the previous quarter.

»We are pleased that 2016 ended on a positive note«, comments Thomas Wilhelmsen, group CEO. Increased volumes in shipping, higher operating revenue and a gain following the sales of the safety business to Survitec lifted the total income.

In addition, the topline saw a positive contribution from the NorSea Group and Treasure ASA’s investment in Hyundai Glovis. The board proposes a first dividend of NOK 3.50 per share and shareholder approval to declare a second dividend of up to NOK 2.50 per share.

For the full-year net profit after tax and minority interests was $201m in 2016 compared with $54m in the previous year.

Last year’s revenue was 2.8 bill. $, a 10% decline compared to 2015 (3.2 bill. $). Wilhelmsen blamed the slowdown in global trade, weak commodity prices and a strong US dollar for the negative impact.

As part of reshaping the executive team, the Wilhelmsen group adds two senior vice presidents to its group management team. Erik Nyheim will be responsible for Wilhelmsen’s investments in ships service (marine products and agency), safety products and solutions (Survitec), governmental services and Qube, while Jan Eyvin Wang will be responsible for following up ship management, insurance services, Treasure ASA and NorSea Group.

Dag Schjerven, President and CEO of Wilhelmsen Maritime Services, has decided to step down according to his retirement agreement at the end of the second quarter.