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ADNOC Logistics & Services holds its first Annual General Meeting for shareholders on April 29

ADNOC Logistics & Services holds its first Annual General Meeting for shareholders on April 29
27 Apr 2024 19:37

ABU DHABI (WAM)

ADNOC Logistics & Services (ADNOC L&S) will hold its first Annual General Meeting (AGM) for shareholders on April 29, following the success of last year's Initial Public Offering (IPO).

One of Adnoc's six subsidiaries currently trading on the Abu Dhabi Securities Exchange, ADNOC L&S witnessed unprecedented demand during its initial public offering, oversubscribed by 163 times, making it the second-largest IPO in the Middle East and North Africa for 2023.

Since its listing, the company has achieved exceptional results, ending the year with a 138 per cent annual increase in net profit and a 91 per cent rise in share price.

In statements to the Emirates News Agency (WAM), Captain Abdulkareem Al Masabi, CEO of ADNOC Logistics & Services, stated, "As we complete our first year as a publicly traded company, we remain committed to our transformative growth strategy, which will enhance our position as one of the world's largest owners and operators of marine logistics services fleets, entering new markets to expand our geographical footprint in line with the company's smart growth strategy and providing comprehensive maritime logistics services to the energy sector."

The company reaffirmed its commitment to continuing its progressive dividend approach, aiming for an annual profit increase of no less than 5 per cent in the coming years. Shareholders will vote on the final dividends in 2023 amounting to $130 million (Dh477 million), equivalent to 6.45 fils per share, as the company's board of directors recommended upon announcing the full-year financial results.

ADNOC L&S announced that its sustainability standards implementation plan aligns fully with Adnoc Group's goal of achieving climate neutrality by 2045 and the UAE's strategy to achieve climate neutrality by 2050. The company has committed to investing $2 billion in environmentally efficient vessels and has achieved a 30 per cent reduction in carbon emissions intensity in its operations since 2020.

The company also looks forward to benefiting from advanced artificial intelligence technologies, which include integrated logistic services, shipping operations, and maritime services, including the implementation of the "Smart Ships" system within its growing fleet, which operates with artificial intelligence and is designed to predict ship maintenance problems, as well as the use of remote surveillance cameras, sensors, and smart video analytics to enhance safety measures.

ADNOC L&S has also achieved another significant milestone by operating the Integrated Logistics Services platform, which is one of the largest integrated logistics programmes globally, to provide a unified logistics interface for customers.

This comes alongside securing an Engineering, Procurement, and Construction (EPC) services contract from ADNOC Maritime, worth Dh3,581 million ($975 million) for the construction of Offshore Artificial Island. Providing engineering, procurement, and construction services within the integrated logistics services sector of the company represents a new direction and a part of its smart growth strategy, enabling it to generate new revenues due to expansion into various sectors.

The company intends to continue leveraging artificial intelligence and the latest technologies as key pillars to enhance its business units, including integrated logistics services, shipping, and maritime services in the maritime sector.

Source: WAM
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