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(Sharecast News) - Ocean Wilsons issued a strong first-quarter update on Wednesday, reporting that as of 31 March its investment in Wilson Sons stood at $890.2m, translating to $25.17, or £19.94, per share.
The London-listed firm said its investment portfolio was valued at $322.8m, amounting to $9.13, or £7.23, per share.
Taking into account cash reserves at the holding company level, the implied net asset value per Ocean Wilsons' share was calculated at $35.03, or £27.75, before tax.
During the first quarter of 2024, the company said its investment portfolio experienced a notable increase in value, rising by $12.7m, or 4.1%.
The growth was primarily fuelled by the robust performance of the public asset portfolio, coupled with the defensive portfolio's resilience compared to government bonds.
Wilson Sons reported promising financial results for the quarter, with net revenues reaching $129.4m, marking a 17.9% increase from the same period in 2023.
The firm also saw a 29.3% rise in quarterly profit to $21.2m, compared to $16.4m in the first three months of 2023.
That financial performance was driven by a 13% increase in towage revenues amid heightened activities in harbour manoeuvres, particularly in sectors transporting iron ore, grain, and containers.
Container terminal revenues surged 39%, attributed to volume growth across all trade flows and increased revenues from ancillary services.
Notably, Salvador and Rio Grande experienced significant growth in TEUs, with Rio Grande establishing itself as a strategic hub port on South America's east coast through a landmark partnership initiative.
Furthermore, demand for Wilson Sons' offshore energy-related services saw a marked improvement, with offshore support vessel revenues rising by 15.1% compared to the same period in the prior year.
At 1119 BST, shares in Ocean Wilsons Holdings were up 8.89% at 1,470p.
Reporting by Josh White for Sharecast.com.
