Adnoc L&S profit rises as revenue grows 42%

Net earnings at Adnoc Logistics and Services (Adnoc L&S) jumped 31 percent year on year to AED1.5 billion ($401 million) in the first half of 2024.

Revenues hit AED6.4 billion during the period, rising 42 percent year on year.  

Second-quarter revenue increased 42 percent annually to AED3.3 billion, helping profit grow 28 percent to AED764 million.

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Revenues from the integrated logistics segment rose 55 percent year on year to AED4.2 billion in H1 2024, fuelled by higher volumes and an improved contribution from jack-up barges, which are used for drilling and marine construction.

The shipping segment’s top line increased 27 percent year on year to AED1.9 billion, driven by robust charter rates for tankers and dry bulk.

Similarly, revenues from the marine services segment increased by 1 percent annually to AED327 million.

• Adnoc L&S unit awards $2bn contract to Chinese shipyard
• Adnoc L&S buys tanker operator Navig8 for $1.5bn
• Adnoc L&S bags $975m EPC contract for ‘artificial island’

The company revised its full-year 2024 guidance upwards, expecting annual revenue growth to the low -to mid-30 percent range from a low 30 percent forecast earlier. Net income growth is anticipated in the low 20 percent range.   

In July, the Adnoc subsidiary awarded contracts worth AED9.2 billion to two South Korean shipyards – Samsung Heavy Industries and Hanwha Ocean – to construct 8 to 10 new liquefied natural gas carriers.