
Abu Dhabi-based ADNOC Logistics and Services has recently released full year figures for 2024, which showed that revenues jumped by 29% compared with 2023, up to US $3,549 million. Net profit for the year was US $756 million, an increase of 22 % compared to the previous year.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said, “We have delivered strong growth in financial returns to shareholders once again in 2024, driven by robust performance across all business segments. This year has been characterised by investing in the internationalisation of our business platform, the addition of new vessel types focused on transition fuels, and the growth of our large integrated logistics business.”
Revenues from the ADNOC L&S’ Integrated Logistics business increased to US $2,281 million, up 40% on 2023, while revenues generated by the Shipping business increased 14% to US$956 million, driven by strong charter rates for dry bulk and tankers, coupled with additional revenue from the four new VLCCs acquired in 2023 and the LNG carrier Shahamah, which was contracted at a higher rate for 2024 compared to 2023. Revenues from the Services segment increased 10% to US $312 million, mainly as a result of increased volumes in petroleum ports and onshore terminal operations.
Following the recent acquisition of the Navig8 tanker business prospects are rated positively for further growth for ADNOC L&S in the year ahead. The company anticipates year-on-year revenue growth in the mid to high 40% range, while net income growth in 2025 will be the low double-digit range.

























