Abu Dhabi, UAE — ADNOC Logistics and Services posted a net profit of $756 million (AED2,777 million) for 2024, an increase of 22 percent compared to the previous year.
The company reported a revenue of $3.549 billion (AED13.035 billion) for the year, up 29 percent compared to 2023.
EBITDA rose by 31 percent to $1.149 billion (AED 4.219 billion) in the same period, driven by robust performance across all business segments, sustaining EBITDA margins at 32 percent.
The Company’s Q4 revenue increased by 6 percent year-on-year (y-o-y) to $881 million (AED 3.237 billion), with EBITDA up by 17 percent y-o-y to $282 million (AED1.035 billion). Net profit for Q4 grew 9 percent y-o-y to $180 million (AED 660 million).
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said, “We have delivered strong growth in financial returns to shareholders once again in 2024, driven by robust performance across all business segments. This year has been characterized by investing in the internationalization of our business platform, the addition of new vessel types focused on transition fuels, and the growth of our large integrated logistics business.
“Today ADNOC L&S is a larger, stronger, more international business and one of the leading energy maritime logistics companies in the world. Our growth story continues into 2025 and beyond with more than $6 billion highly value-accretive growth opportunities committed since IPO, mostly against long-term contracts.”
Revenues from the Integrated Logistics segment increased to $2.281 billion (AED 8,377 billion), up 40 percent in FY 2023.