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ADNOC Logistics and Services (L&S)’ 2023 financial results, recently released, were exceptionally positive for the Abu Dhabi-based company.
On a full-year basis, ADNOC L&S delivered a net profit of US $620 million (AED2,277 million), representing a 138% year-on-year increase over a net profit of US $261 million (AED959 million) in 2022. The company generated revenues of US $2,755 million (AED10,118 million) in 2023, marking a 41% increase over 2022.
Commenting on the company’s results, Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “In 2023, our first year as a publicly listed entity, we achieved significant milestones, including a 91% increase in share price, nearly doubling EBITDA, and a 138% rise in net profit. Our strong balance sheet and cash position will enable us to unlock additional growth opportunities, reinforcing our commitment to delivering attractive shareholder returns.”
Revenues from the company’s Integrated Logistics business division increased 88% to $1,739 million (AED6,386 million) while profitability on an EBITDA basis increased by 225% to $532 million (AED1,954 million). Revenues from the Shipping segment softened by 3% to US$839 million (AED3,081 million). However, strong charter rates for tankers and gas carriers contributed to a 16% increase in EBITDA profitability from Shipping to US $321 million (AED1,179 million). Additionally, revenues from the Marine Services segment grew 6% to $177 million (AED650 million). This generated an EBITDA of $40 million (AED147 million), an increase of 47% driven by higher volumes in petroleum ports operations.
ADNOC L&S continued to deliver on its growth strategy in 2023. During the year the company took delivery of four newbuild dual-fuel VLCCs and eight self-elevating self-propelled Jack Up Barges (JUBs), six of which are owned, with two chartered-in.
