ADNOC Logistics and Services plc (ADNOC L&S) revealed its fourth quarter (Q4) and full-year 2024 financial results, reporting revenue of AED13,035 million ($3,549 million or $3.55 billion) for the year, marking a 29 percent increase compared to 2023.
EBITDA rose by 31 percent to AED4,219 million ($1,149 million or 1.15 billion) during this period, propelled by robust performance across all business sectors, thereby maintaining EBITDA margins at 32 percent.
The company’s net profit for the year was AED2,777 million ($756 million), translating to AED0.38 ($0.10) per share, an increase of 22 percent compared to the previous year.
The company’s Q4 revenue saw a 6 percent year-on-year (y-o-y) increase to AED3,237 million ($881 million), while EBITDA surged by 17 percent y-o-y to AED1,035 million ($282 million). Net profit for Q4 grew by 9 percent y-o-y to AED660 million ($180 million).
Leadership comments on growth
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, stated, “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 characterised by investing in the internationalisation of our business platform, the addition of new vessel types focused on transition fuels, and the growth of our large integrated logistics business.”
He added, “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 AED22 billion ($6 billion) highly value-accretive growth opportunities committed since IPO, mostly against long-term contracts.”
Integrated logistics segment shines
Revenues from the Integrated Logistics segment surged to AED8,377 million ($2,281 million), reflecting a 40 percent increase in FY 2023.
This growth was driven by volume expansion in the Integrated Logistics Services Platform (ILSP) and strong advances in third-party offshore logistics services; significant progress in Engineering, Procurement and Construction (EPC) projects, particularly the contribution of the G-Island project; accelerated Hail & Ghasha project delivery; improved utilisation and rates earned for Jack-Up Barges (JUBs), paired with fleet growth that bolstered GCC expansion.
Integrated Logistics’ EBITDA rose by 30 percent to AED2,522 million ($687 million) for the full year 2024 compared to 2023.
Shipping segment performance
Revenues from the Shipping segment rose by 14 percent to AED3,511 million ($956 million), driven by strong charter rates for Dry Bulk and Tankers in H1 2024, alongside additional revenue from the four new Very Large Crude Carriers (VLCCs) acquired in 2023; and the LNG vessel “Shahamah” contracted at a higher rate for 2024 compared to 2023, partially offset by a smaller charter-in fleet.
Shipping EBITDA saw a 24 percent increase to AED1,456 million ($396 million) for FY 2024, contributing to a three-percentage point expansion in EBITDA margin to 41 percent.
Revenues from the Services segment climbed by 10 percent to AED1,147 million ($312 million) compared to FY 2023. This segment generated an EBITDA of AED206 million ($56 million), up 26 percent y-o-y, primarily driven by increased volumes in petroleum ports and onshore terminal operations.
