ABU DHABI (WAM)
ADNOC Logistics and Services on Wednesday announced its second quarter and first half 2024 financial results.
During H1 2024, ADNOC L&S recorded a net profit of $401 million (Dh1,473 million), equating to $0.05 (Dh0.20) per share, an increase of 31 percent on H1 2023.
The company reported revenues of $1,740 million (Dh6,390 million), up 42 percent from H1 2023.
EBITDA rose by 42 percent to $591 million (Dh2,170 million), driven by robust performance across all business segments, sustaining EBITDA margins at 34 percent.
The company's second quarter revenue increased by 42 percent year-on-year (y-o-y) to $899 million (Dh3,302 million), with EBITDA growing 40 percent y-o-y to $306 million (Dh1,124 million).
Net profit for the second quarter grew 28 percent y-o-y to $208 million (Dh764 million).
This strong financial growth was driven by the ongoing implementation of ADNOC L&S' transformational growth strategy whereby the company intends to invest of over $5 billion (Dh18.4 billion) in value-accretive growth opportunities in energy-related maritime logistics by the end of 2028.
ADNOC L&S has committed over 50 percent of this strategic investment target one year post its record-breaking IPO, including significant investments against long-term contracted demand.
CEO of ADNOC L&S, Captain Abdulkareem Al Masabi, said, "The sustained execution of our transformational growth strategy is driving our financial performance across all business segments with strong growth in revenues and net profit. To meet the growing demand for low-carbon energy sources in the UAE and beyond, we have continued to expand our market-leading fleet through significant new energy-efficient vessel construction contracts and geographical expansion through our acquisition of Navig8."
"We will continue to target value-accretive investments to serve an increasing global customer base and deliver long-term value to our shareholders."
Revenues from ADNOC L&S' Integrated Logistics segment increased to $1,132 million (Dh4,157 million), up 55 percent on H1 2023.
Revenues from the Shipping segment increased 27 percent to $519 million (Dh1,906 million) on H1 2023.
Revenues from the Marine Services segment increased 1 percent to $89 million (Dh327 million) compared to H1 2023.
This segment generated an EBITDA of $29 million (Dh107 million), up 64 percent.