Adnoc L&S profit and revenue rise in third quarter

Wam

Net profit at Adnoc Logistics and Services (Adnoc L&S) rose 18 percent year on year to $175 million in the third quarter of 2024, driven by investments in energy-related maritime logistics.

Quarterly revenue increased by 32 percent year on year to $928 million, supported by strong performance across all business segments.

Nine-month top line climbed 38 percent annually to $2.7 billion, while net profit increased 27 percent year on year to $576 million.

“The expected contribution of Navig8 will further boost our profile as a global energy maritime logistics company,” said CEO Abdulkareem Al Masabi.

He said the company’s strong balance sheet provides further organic and inorganic value-accretive growth opportunities.

The acquisition of Navig8, a shipping management services company, was announced during the first half of 2024, and is projected to increase Adnoc L&S’s earnings per share by at least 20 percent in the first full year. 

Regulatory approvals are in process with anticipated completion by March 31, 2025.

• Adnoc L&S unit awards $2bn contract to Chinese shipyard
• Revenues of six Adnoc subsidiaries reach $24bn
• Adnoc logistics subsidiary profit up 138%

Meanwhile, the Adnoc subsidiary raised its medium-term investment guidance to include an incremental $3 billion, maintaining its 2024 and medium-term profit and loss outlook.

The company expects annual year-on-year net income growth in the low 20 percent range into 2024.

The dividend policy remains unchanged, with a projected total dividend payable for 2024 at $273 million.

The remaining 50 percent for the second half of 2024 is expected to be paid in the second quarter of 2025, subject to approvals.