ADNOC L&S announces revenue of $3,549 million in 2024

ADNOC Logistics and Services plc contiguous announced its 4th fourth (Q4) and full-year 2024 fiscal results, reporting gross of $3,549 cardinal (AED13,035 million) for the year, up 29 percent compared to 2023.

EBITDA roseate by 31 percent to $1,149 cardinal (AED4,219 million) successful the aforesaid period, driven by robust show crossed each concern segments, sustaining EBITDA margins astatine 32 percent.

Net nett for the twelvemonth was $756 cardinal (AED2,777 million), equating to $0.10 (AED0.38) per share, an summation of 22 percent compared to the erstwhile year.

The Company's Q4 gross accrued by 6 percent year-on-year (y-o-y) to $881 cardinal (AED3,237 million), with EBITDA up by 17 percent y-o-y to $282 cardinal (AED1,035 million). Net nett for Q4 grew 9 percent y-o-y to $180 cardinal (AED660 million).

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said, "We person delivered beardown maturation successful fiscal returns to shareholders erstwhile again successful 2024, driven by robust show crossed each concern segments. This twelvemonth has been characterised by investing successful the internationalisation of our concern platform, the summation of caller vas types focused connected modulation fuels, and the maturation of our ample integrated logistics business.

"Today ADNOC L&S is simply a larger, stronger, much planetary concern and 1 of the starring vigor maritime logistics companies successful the world. Our maturation communicative continues into 2025 and beyond with much than $6 cardinal highly value-accretive maturation opportunities committed since IPO, mostly against semipermanent contracts."

Revenues from the Integrated Logistics conception accrued to $2,281 cardinal (AED8,377 million), up 40 percent successful FY 2023.

The summation was driven by measurement maturation successful the Integrated Logistics Services Platform (ILSP) and beardown maturation successful third-party offshore logistics services; large progression of Engineering, Procurement and Construction (EPC) projects successful peculiar the publication of the G-Island project; accelerated Hail & Ghasha task delivery; the improved utilisation of, and rates earned for Jack-Up Barges (JUBs), coupled with fleet maturation strengthening the GCC expansion.

Integrated Logistics' EBITDA roseate by 30 percent to $687 cardinal (AED2,522 million) for the afloat twelvemonth 2024 against 2023.

Revenues from the Shipping conception accrued 14 percent to $956 cardinal (AED3,511 million), driven by beardown charter rates for Dry Bulk and Tankers successful H1 2024, coupled with further gross from the 4 caller Very Large Crude Carriers (VLCCs) acquired successful 2023; and the LNG vas "Shahamah" contracted astatine a higher complaint for 2024 compared to 2023; partially offset by a smaller charter-in fleet.

Shipping EBITDA accrued 24 percent to $396 cardinal (AED1,456 million) for FY 2024, contributing to a three-percentage constituent enlargement successful EBITDA borderline to 41 percent.

Revenues from the Services conception accrued 10 percent to $312 cardinal (AED1,147 million) compared to FY 2023. This conception generated an EBITDA of $56 cardinal (AED206 million), up 26 percent y-o-y, chiefly powered by accrued volumes successful petroleum ports and onshore terminal operations.

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