Today's Edition
ABU DHABI (WAM)
ADNOC Logistics and Services plc on Wednesday announced its fourth quarter (Q4) and full-year 2024 financial results, reporting revenue of $3,549 million (Dh13,035 million) for the year, up 29 per cent compared to 2023.
EBITDA rose by 31 per cent to $1,149 million (Dh4,219 million) in the same period, driven by robust performance across all business segments, sustaining EBITDA margins at 32 per cent.
Net profit for the year was $756 million (Dh2,777 million), equating to $0.10 (Dh0.38) per share, an increase of 22 per cent compared to the previous year.
The Company's Q4 revenue increased by 6 per cent year-on-year (y-o-y) to $881 million (Dh3,237 million), with EBITDA up by 17 per cent y-o-y to $282 million (Dh1,035 million). Net profit for Q4 grew 9 per cent y-o-y to $180 million (Dh660 million).
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said, "We have delivered strong growth in financial returns to shareholders once again in 2024, driven by robust performance across all business segments. This year has been characterised by investing in the internationalisation of our business platform, the addition of new vessel types focused on transition fuels and the growth of our large integrated logistics business.
"Today ADNOC L&S is a larger, stronger, more international business and one of the leading energy maritime logistics companies in the world. Our growth story continues into 2025 and beyond with more than $6 billion in highly value-accretive growth opportunities committed since IPO, mostly against long-term contracts."
Revenues from the Integrated Logistics segment increased to $2,281 million (Dh8,377 million), up 40 per cent in FY 2023.
The increase was driven by volume growth in the Integrated Logistics Services Platform (ILSP) and strong growth in third-party offshore logistics services; major progression of Engineering, Procurement and Construction (EPC) projects in particular the contribution of the G-Island project; accelerated Hail & Ghasha project delivery; the improved utilisation of, and rates earned for Jack-Up Barges (JUBs), coupled with fleet growth strengthening the GCC expansion.
Integrated Logistics' EBITDA rose by 30 per cent to $687 million (Dh2,522 million) for the full year 2024 against 2023.
Revenues from the Shipping segment increased 14 per cent to $956 million (Dh3,511 million), driven by strong charter rates for Dry Bulk and Tankers in H1 2024, coupled with additional revenue from the four new Very Large Crude Carriers (VLCCs) acquired in 2023; and the LNG vessel "Shahamah" contracted at a higher rate for 2024 compared to 2023; partially offset by a smaller charter-in fleet.
Shipping EBITDA increased 24 per cent to $396 million (Dh1,456 million) for FY 2024, contributing to a three-percentage point expansion in EBITDA margin to 41 per cent.
Revenues from the Services segment increased 10 per cent to $312 million (Dh1,147 million) compared to FY 2023. This segment generated an EBITDA of $56 million (Dh206 million), up 26 per cent y-o-y, mainly powered by increased volumes in petroleum ports and onshore terminal operations.
