ADNOC Logistics & Services (ADNOC L&S) announced today that its shareholders approved a final dividend of $136.5 million, bringing the 2024 full-year dividend to $273 million, a 5 percent annual increase. This growth falls in line with ADNOC L&S’ progressive dividend policy.
ADNOC L&S will pay the final dividend, equivalent to 6.78 fils per share, to shareholders on record as of April 3, 2025.
“2024 was a transformative year for ADNOC L&S, marked by accelerated global expansion, record financial performance, and bold strategic moves. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a 5 percent increase in our full-year dividend while advancing sustainability, innovation and industry leadership,” stated Dr. Sultan Al Jaber, chairman of ADNOC L&S.
Revenue increases to over $3.5 billion
ADNOC L&S delivered strong financial growth, driven by strong market demand, strategic acquisitions and operational efficiency. Revenue increased 29 percent to over $3.5 billion, while net profit rose 22 percent to $756 million.
The company’s EBITDA grew 31 percent, reflecting its ability to scale operations while maintaining profitability. Since its 2023 IPO, the company’s share price has increased by 178 percent, significantly outperforming the ADX and strengthening investor trust in ADNOC L&S’ long-term strategy.
“ADNOC L&S is well-positioned for continued success. We are unwavering in our commitment to growth, both organic and through strategic acquisitions, and this will continue to deliver value to customers, shareholders, and the UAE,” stated Captain Abdulkareem Al Masabi, CEO of ADNOC L&S.
ADNOC L&S sees major fleet expansion
In 2024, ADNOC L&S also continued executing one of the industry’s largest fleet expansion programs, securing 21 new environmentally efficient vessels equipped with low-emission dual-fuel engines. The company also took delivery of its first of six newbuild LNG carriers, with the second expected in May 2025.
In 2024, the company also achieved an 11 percent reduction in carbon intensity compared with the previous year, with a 56 percent reduction in fleet emissions since 2019, aligning with ADNOC’s broader decarbonization objectives.
Furthermore, the integrated logistics business segment saw significant expansion, securing hire contracts for 19 jack-up barge deployments and acquiring 20 offshore assets. These developments reinforce ADNOC L&S’ leadership in offshore logistics, supporting ADNOC’s broader energy growth strategy.
AI-powered solutions to drive growth
ADNOC L&S is also advancing the industry’s digital transformation, investing in AI-powered solutions, such as AIQ’s SMARTi safety monitoring and the Integrated Logistics Management System (ILMS), to enhance safety, optimize operations and reduce delays.
“ADNOC L&S is positioned for continued growth, driven by organic expansion, strategic acquisitions and cutting-edge technology investments. With a growing fleet of next-generation vessels and a steadfast commitment to efficiency and sustainability, we remain focused on delivering ADNOC’s energy to the world while contributing to the UAE’s economic ambitions. The momentum we have built sets the stage for an even more exciting future,” added Al Jaber.
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ٍRevenue to grow 40 percent in 2025
Building on its record 2024 performance, the company’s guidance for 2025 and medium-term guidance, now include the contribution of Navig8 and the Integr8 joint-control activity from January 8, 2025.
ADNOC L&S expects revenue to grow in the mid to high 40 percent range from 2024 to 2025. Over the medium term (2026-2029), the company expects to deliver a revenue CAGR in the low single-digit range. The company also expects annual EBITDA growth from 2024 to 2025 in the high teens. In the medium term, it is targeting an EBITDA CAGR in the high single-digit range.
