Abu Dhabi: ADNOC Logistics and Services reported a net profit of $307 million in the first half of 2023, compared to $72 million in the same period last year, a jump of 327 per cent.
The profit translated into a gain of $0.04 or Dh0.15 per share.
Revenues for the same period were reported at $1,225 million, a growth of 62 per cent, driven by growth across the company’s three business segments: Integrated Logistics, Shipping, and Marine Services.
These were the company’s first financial results since its initial public offering on the Abu Dhabi stock market (ADX) in June this year.
EBITDA stood at $417 million, a 188 per cent year-on-year, while cash flow stood at a positive $82 million.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “Following our record-breaking IPO, ADNOC L&S has delivered exceptionally strong financial results for the first half of 2023 with a 327 per cent growth in net profit over the same period from last year. This impressive performance is driven by our responsible plans to expand our asset and customer base, decarbonize our operations and enter new verticals in a timely manner, while strategically positioning ADNOC L&S to capitalize on ADNOC’s ambitious growth strategy. As part of our smart growth strategy, we remain focused on extending our geographical footprint, exploring new revenue streams, and unlocking further value for our shareholders.”
The integrated logistics segment reported revenues of $729 million in the first half of 2023, an increase of 136 per cent y-o-y following the successful acquisition of Zakher Marine International (ZMI) and expanding its Integrated Logistics service offering.
The shipping segment reported revenues of $408 million, an increase of 9 per cent, primarily driven by higher charter rates and increased vessel days for tanker and gas carriers. This growth was partially offset by a lower contribution from drybulk shipping due to reduced charter rates.
The marine services segment reported revenues of $88 million, a 19 per cent growth.