ADNOC L&S reported a 31% increase in net profit in the first half of 2024.

ADNOC Logistics and Services has announced its financial results for the second quarter and first half of 2024. During the first half of 2024, ADNOC L&S recorded a net profit of $401 million (AED1,473 million), which translates to $0.05 (AED0.20) per share, marking a 31% increase from the first half of 2023.

The company reported revenues of $1,740 million (AED6,390 million), a 42% increase from the first half of 2023. EBITDA also rose by 42% to $591 million (AED2,170 million), driven by strong performance across all business segments, maintaining EBITDA margins at 34%.

In the second quarter, the company's revenue increased by 42% year-on-year to $899 million (AED3,302 million), with EBITDA growing by 40% year-on-year to $306 million (AED1,124 million). The net profit for the second quarter grew 28% year-on-year to $208 million (AED764 million).

This financial growth was fueled by ADNOC L&S' ongoing implementation of its transformational growth strategy, with plans to invest over $5 billion (AED18.4 billion) in value-creating growth opportunities in energy-related maritime logistics by the end of 2028. Over 50% of this strategic investment target has already been committed, with significant investments made to meet long-term contracted demand.

Commenting on the financial results, Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, stated, "The sustained execution of our transformational growth strategy is driving our financial performance across all business segments, resulting in strong growth in revenues and net profit. To address the increasing demand for low-carbon energy sources in the UAE and beyond, we have expanded our market-leading fleet through significant new energy-efficient vessel construction contracts and through the acquisition of Navig8."

"We will continue to target value-creating investments to meet the needs of a growing global customer base and deliver long-term value to our shareholders."

Revenues from ADNOC L&S' Integrated Logistics segment increased to $1,132 million (AED4,157 million), which is a 55% increase compared to the first half of 2023. Revenues from the Shipping segment also increased by 27% to $519 million (AED1,906 million) compared to the first half of 2023.

Additionally, revenues from the Marine Services segment increased by 1% to $89 million (AED327 million) compared to the first half of 2023. This segment generated an EBITDA of $29 million (AED107 million), marking a 64% increase.