Adnoc L&S said its 9-month gains were brought about by strong performances across all its major divisions. Image Credit: Adnoc Logistics and Services

Dubai: Adnoc Logistics and Services has come up with a Dh1.67 billion net profit for the first nine months, which is a sharp 162 per cent increase year-on-year. A steady stream of big-ticket contracts during the period helped with the numbers.

The revenues came in at Dh7.07 billion, and that's a solid 49 per cent up, while the EBITDA of Dh2.33 billion works out to a 124 per cent rise and stems from a 'strong performance from all business segments'. "This was driven in part by an EBITDA margin expansion of 11 percentage points to 33 per cent over the same period of last year, resulting from strength in the shipping and Jack-Up Barges (JUB) markets, and targeted improvements in operating costs and efficiencies," said a statement by the Adnoc-owned entity.

"Looking ahead, we continue to actively seek smart well-timed growth opportunities that are in-line with our sustainability priorities to cement our position as a global energy maritime logistics leade," said Capt. Abdulkareem Al Masabi, CEO. "Our continued profitable growth coupled with strong positive cash delivery positions us to continue financing our transformational investment program whilst rewarding our shareholders for their support and trust in Adnoc L&S."

The company is targeting 'mid-to-high single-digit growth year-on-year' for the medium term.

Q2-23 dividend

The company's Board of Directors last month had approved payout of an interim dividend of Dh239 million for Q2-23 (or 3.2 fils per share).

Operational capacity add-ons

In Q3-23, the company brought in 8 self-propelled JUBs, six of which are owned and two chartered. With this, the JUB fleet has increased from 31 to 39 and 'reinforcing' its status as the 'owner/operator of the world’s largest fleet of self-elevating, self-propelled JUBs'.

Adnoc L&S also took delivery of two additional new-build LNG dual-fuel Very Large Crude Carriers (VLCCs), increasing the tally delivered year-to-date to three. (A fourth vessel is set to join before year-end.)