Net profit increases 138% year-on-year
ADNOC Logistics and Services recently announced its Q4 and full year 2023 financial results.
On a full-year basis, ADNOC L&S delivered a net profit of US$ 620mn (AED 2,277mn), representing a 138% year-on-year (Y-o-Y) increase over a net profit of US$ 261mn (AED959mn) in 2022.
The Company generated revenues of US$ 2,755mn (AED 10,118mn) in 2023, marking a 41% increase over 2022. EBITDA increased 93% Y-o-Y to $876mn (AED3,217mn) as all business segments continued to perform strongly.
On a quarterly basis, fourth-quarter net profit grew by 89% Y-o-Y to US$ 165mn (AED606mn) while revenue increased by 26% Y-o-Y to US$ 828mn (AED3,041mn) mainly driven by continued momentum in the Integrated Logistics segment. Q4-2024 EBITDA increased by 43% Y-o-Y to US$ 242mn (AED889mn).
Medium-term guidance
“We remain confident in our medium-term guidance and the potential to further strengthen our position as a global energy maritime logistics leader,” remarked Captain Abdulkareem Al Masabi, CEO, ADNOC L&S.
ADNOC L&S continued to deliver on the execution of its transformational growth strategy in 2023. During the fourth quarter, the Company took delivery of a fourth newbuild Liquified Natural Gas (LNG) dual-fuel Very Large Crude Carrier (VLCC), bringing the total delivered VLCCs to four in 2023.
In Q2-2023, ADNOC L&S entered the EPC market and secured a US$ 975mn (AED 3,581mn) contract for dredging, land reclamation and marine construction of an artificial island for the Lower Zakum offshore field. The award of this contract marked a significant milestone in the Company’s strategy to pursue new growth opportunities.
