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

ABU DHABI: ADNOC Logistics and Services (ADNOC L&S), a global energy maritime logistics leader, today announced its financial results for the first half of 2023 (H1 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 US$307 million, or US$0.04 or AED0.15 per share, representing a more-than fourfold increase compared to the net profit of US$72 million recorded in H1 2022.

The Company recorded revenues of US$1,225 million 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 US$417 million 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 US$82 million in the first half