Sharjah 24 – WAM: ADNOC Logistics and Services (ADNOC L&S) plc announced its Q1 2024 financial results today, reporting a net profit of $194 million (AED712 million), or $0.03 (AED0.10) per share. This marks a 34% increase over Q1 2023's net profit of $145 million (AED533 million).

The Company's Q1 2024 revenues totaled $840 million (AED3,085 million), up by 42% from Q1 2023.

EBITDA also saw a significant rise of 44% to $286 million (AED1,050 million) compared to the same period last year, with all business segments performing strongly.

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, commented on the results, stating that the company's transformational growth strategy is yielding positive outcomes, with substantial increases in net profit and revenue.

Revenues from the Integrated Logistics segment surged by 55% to $546 million (AED2,005 million) in Q1 2024, driven by higher volumes and expansion in activities.

In the Shipping segment, revenues grew by 25% to $251 million (AED922 million), propelled by strong charter rates and incremental earnings from new vessels.

The Marine Services segment also saw growth, with revenues increasing by 7% to $43 million (AED158 million) in Q1 2024.

ADNOC L&S remains committed to its transformational growth strategy, leveraging AI technologies to enhance operational efficiencies and safety. Additionally, the company is accelerating its sustainability efforts in line with ADNOC Group's Net Zero targets and international goals.

In terms of dividends, the Shareholders approved a cash dividend distribution of $130 million (AED477 million) for the second half of 2023, with a total dividend of $195 million (AED716 million) for Q2 and H2 2023. The dividend for H2 2023 is expected to be paid in May 2024.

Looking ahead, the Company aims to increase annual dividends by at least 5% over the medium term, building on the 2023 annualized dividend as a base.