ADNOC Logistics and Services posts 138% rise in 2023 net profit

Dubai: ADNOC Logistics and Services delivered a net profit of Dh2.277 million in 2023, a 138 per cent rise year-on-year. It also generated revenues of Dh10.12 billion in 2023, marking a 41 per cent increase over 2022.

The earnings and revenue boost stemmed mainly from the growth in its integrated logistics segment in addition to continued strong performance in the shipping and marine services segments, the company added.

Revenues from its integrated logistics segment increased 88 per cent to Dh6.39 billion, which was attributed to continued growth in revenues and margins on core business lines, the acquisition of ZMI Holdings and new business activities such as Engineering, Procurement and Construction (EPC).

Commenting on the company’s results, Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “In 2023, our first year as a publicly listed entity, ADNOC L&S achieved significant milestones, including a 91 per cent increase in share price, nearly doubling EBITDA, and a 138 per cent rise in net profit. We remain confident in our medium-term guidance and the potential to further strengthen our position as a global energy maritime logistics leader.”