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Over the first six months of 2024, ADNOC L&S recorded a net profit of US $401 million (AED1,473 million), an increase of 31% compared with the same period in 2023. Revenues were up 42%, to US $1,740 million, in first half of the year. Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, described them as “another set of exceptional financial results, maintaining our strong momentum throughout the year and building on the robust growth we achieved in 2023.”
There was a particularly strong element of growth in results for ADNOC L&S’ Integrated Logistics segment, where revenues increased to $1,132 million (AED 4,157 million), up 55% on the first half of 2023, while revenues from the Shipping division increased 27% to US$519 million (AED1,906 million), assisted by robust charter rates for both tankers and dry bulk, along with additional earnings from the four new VLCC tankers delivered in 2023. This growth was partially offset by a decrease in earnings from gas carriers due to a reduction in spot charter activity and lower LNG carrier time charter rates compared to the first half of 2023.
The recent acquisition of tanker operator Navig8 is expected to drive further growth by adding 32 owned modern tankers and a wider global presence. The acquisition, currently subject to customary regulatory approvals, is projected to increase earnings per share by at least 20% for ADNOC L&S shareholders.
