Adnoc Logistics and Services had a good 3Q

Adnoc Logistics and Services saw its bottom line grow 18% y-o-y to USD 175 mn in 3Q 2024, while revenues grew 32% y-o-y to USD 928 mn, according to its earnings release (pdf). On a 9M basis, net income increased 27% y-o-y to USD 576 mn, while revenues grew 38% to USD 2.7 bn.

Driving growth: The company saw increased revenues from its shipping segment on the back of strong charter rates for tankers and dry bulk, as well as additional revenues from newly acquired carriers. Its services segment also saw improvements on the back of increased volumes in petroleum port and onshore terminal operations.

Looking ahead: The Adnoc subsidiary’s acquisition of Navig8 is set to boost earnings per share by at least 20% in the first full year. The acquisition is set for completion by the end of March 2025.