The Navig8 acquisition will also add 32 tankers to the fleet
ADNOC Logistics and Services (ADNOC L&S announced its second quarter (Q2) and first half (H1) 2024 financial results.
During H1-2024, ADNOC L&S recorded a net profit of US$ 401mn (AED1,473mn), an increase of 31% on H1-2023. The Company reported revenues of US$ 1,740mn (AED 6,390mn) in the same period, up 42% on H1-2023.
The Company’s second quarter revenue increased by 42% year-on-year (y-o-y) to US$ 899mn (AED 3,302mn) with EBITDA growing 40% y-o-y to US$ 306mn (AED 1,124mn). Net profit for the second quarter grew 28% y-o-y to US$ 208mn (AED 764mn).
“ADNOC L&S has delivered another set of exceptional financial results in the second quarter, maintaining our strong momentum throughout the year and building on the robust growth we achieved in 2023. We will continue to target value-accretive investments to serve an increasing global customer base and deliver long-term value to our shareholders,” stated Captain Abdulkareem Al Masabi, CEO, ADNOC L&S.
Segmental Financial Performance for H1-2024
Revenues from the Shipping segment increased 27% to US$ 519mn (AED1,906mn) on H1-2023, driven by robust charter rates for Tankers and Dry Bulk, along with additional earnings from the four new Very Large Crude Carriers (VLCCs) during 2023.
Technology and AI Adoption
ADNOC L&S continues to accelerate the application of industry leading Artificial Intelligence (AI) solutions to improve operational efficiencies and increase the safety for its people and assets, enabling a 100% HSE culture.
Sustainability and Decarbonization
ADNOC L&S serves as a critical custodian of the UAE’s maritime legacy and continues to accelerate its sustainability journey in line with ADNOC Group’s 2045 Net Zero target, the UAE’s 2050 Net Zero strategy, and the International Maritime Organization’s 2050 Net Zero target and goal to reduce carbon emissions intensity by 40% by 2030.
