ADNOC Logistics and Services reported a net profit of $620 million for 2023, a 138% increase compared to $261 million in 2022. Revenues reached $2.75 billion, up 41% from the previous year.
The company’s EBITDA rose by 93% to $876 million, with a 32% margin expansion primarily driven by growth in the Integrated Logistics segment.
ADNOC L&S aims to increase annual dividends by at least 5% over the medium term, with the 2023 dividend set at $260 million.
“In 2023, our first year as a publicly listed entity, ADNOC L&S achieved significant milestones, including a 91% increase in share price, nearly doubling EBITDA, and a 138% rise in net profit,” said Captain Abdulkareem Al Masabi, CEO of ADNOC L&S. “Our strong balance sheet and cash position will enable us to unlock additional growth opportunities, reinforcing our commitment to delivering attractive shareholder returns.”
“We remain confident in our medium-term guidance and the potential to further strengthen our position as a global energy maritime logistics leader,” he added.
Integrated Logistics segment
Revenues from the Integrated Logistics segment increased by 88% year-on-year to $1.7 billion. The company attributed the performance to continued revenue growth and margins on core business lines, the successful acquisition of ZMI Holdings and new business activities such as Engineering, Procurement and Construction (EPC).
Shipping segment revenues softened by 3%, and Marine Services segment revenues grew by 6%.
ADNOC L&S continued its growth strategy, taking delivery of a fourth newbuild LNG dual-fuel VLCC during the fourth quarter, aligning with ADNOC Group’s 2045 net-zero targets.
