ADNOC L&S reports 327% Year-on-Year increase in H1 2023 net profit

ADNOC L&S reports 327% Year-on-Year increase in H1 2023 net profit

Robust H1 performance across segments driven by acquisition of Zakher Marine International, expansion of Integrated Logistics offerings and healthy charter rates for Tankers & Gas Carriers

Company continues its smart growth strategy, expanding into new verticals, creating fresh revenue streams and expanding its fleet

Abu Dhabi, UAE : ADNOC Logistics and Services plc (ADNOC L&S) (ADX symbol ADNOCLS / ISIN AEE01268A239), a global energy maritime logistics leader, today announced exceptional financial results for the first half of 2023, marking its maiden earnings report since its record-breaking IPO in June 2023 on the ADX exchange.

In the first half of 2023, ADNOC L&S recorded a net profit of $307 million, or $0.04 or AED0.15 per share, representing a more-than fourfold increase compared to the net profit of $72 million recorded in H1 2022.

The Company recorded revenues of $1,225 million in the first half of 2023, marking an increase of 62% 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 $417 million in the first half of 2023, representing a 188% year-on-year (y-o-y) increase. This was driven by a higher contribution from all