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Leading shipowner and logistics services provider, ADNOC L&S, has recorded net profits of US $194 million for the first three months of the year, 34% up year-on-year, on the back of a 42% increase in revenues to US$ 840 million. All business segments continued to perform strongly, the company notes.
This strong financial performance has been powered by ADNOC L&S’ ambitious growth strategy whereby the company intends to invest in excess of $5 billion in energy-related maritime logistics over the medium term, to meet growing demand in and beyond the UAE.
Commenting on the company’s results, Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “We have started 2024 by delivering another set of strong financial results, building on our record-breaking public listing and the robust growth we achieved in 2023. Continuing substantial increases in net profit and revenue clearly demonstrate that our transformational growth strategy is working.”
Revenues from the shipping segment grew by 25% to US $251 million over this period, driven by strong charter rates for tankers, dry bulk and containers, in addition to the earnings from four new Very Large Crude Carriers (VLCC) added to the fleet. This was slightly offset by the performance of its gas carriers which delivered reduced earnings due to lower charter-in activity and lower LNG carrier time charter rates compared to the first quarter of 2023.
Revenues from the company’s marine services division grew 7% to US$43 million over this period. The reflects higher volumes at its petroleum ports operations, coupled with the execution of a marine terminal operations contract with ADNOC Offshore.
