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Adnoc Logistics and Services (Adnoc L&S) saw a bottomline jump of 34% y-o-y to USD 194 mn in 1Q 2024, according to an earnings release (pdf). The company logged AED 3.1 bn (USD 870 mn) in revenues for the quarter, marking a 42% y-o-y increase.
Behind the numbers: The company’s boosted performance is thanks to a successful growth strategy which will include USD 5 bn in investments to power growth in “energy-related maritime logistics over the medium term,” both in the UAE and abroad, the company said.
The segment-by-segment breakdown: Adnoc L&S’s Integrated Logistics segment witnessed a 55% y-o-y boost in revenues to USD 546 mn on the back of improved performance across all business units, including larger contributions from Jack Up Barges (JUBs) due to a larger fleet. The outfit’s shipping segment saw a 25% surge in revenues to USD 251 mn attributable to high charter rates for tanker, dry bulk, and container vessels, and added earnings from four Very Large Crude Carriers (VLCC) recently added to their tanker fleet. Marine services saw a 7% bump to earnings to USD 43 mn, attributed to boosted volumes in petroleum ports operations, and a fulfillment of a Marine Terminal Operations contract with Adnoc Offshore.
Looking forward: Adnoc L&S sees revenue growing in the low 30% range in the medium term, and net income boosting in the low 20% range in 2024.
