ADNOC L&S reports 327% increase in net profit for H1 2023

ADNOC L&S reports 327% increase in net profit for H1 2023

Image: ADNOC

ADNOC Logistics and Services (ADNOC L&S), announced its financial results for the first half of 2023 (H1 2023). This is the global energy maritime logistics firm’s maiden earnings report since its IPO in June 2023.

In the first half of 2023, ADNOC L&S recorded a net profit of $307m, or $0.04 or Dhs0.15 per share, representing a more-than-fourfold increase compared to the net profit of $72m recorded in H1 2022.

The logistics firm recorded revenues of $1,225m in the first half of 2023, marking an increase of 62 percent compared to the first half of 2022. This increase was driven by revenue growth across the company’s three business segments: integrated logistics, shipping, and marine services.

The company reported an EBITDA of $417m in the first half of 2023, representing a 188 percent year-on-year (YoY) increase. This was driven by a higher contribution from all three business segments. This translated into an EBITDA margin of 34.1 percent in the first half of 2023, substantially higher than the EBITDA margin of 19.2 percent in the first half of 2022.

ADNOC L&S delivered a positive free cash flow of $82m in the first half of 2023.

Commenting on the company’s strong results, Captain Abdulkareem Al Masabi,