ADNOC L&S nine-month net profit up 162%, announces interim dividend

ADNOC L&S nine-month net profit up 162%, announces interim dividend

Image courtesy: WAM/X

ADNOC Logistics and Services (ADNOC L&S) said its nine-month profit soared by 162 per cent year-on-year (YoY) to $455m (Dhs1.7bn) or $0.06 per share compared to $173m (Dhs635m for the corresponding period a year ago.

The Abu Dhabi-listed company’s revenues in the nine months to September 30 jumped by nearly 50 per cent to reach $1.92bn (Dhs7.1bn) compared to the same period a year earlier.

The company reported $635m (Dhs2.3bn) in earnings before interests, taxes, depreciation and amortisation (EBITDA) during the first nine months of 2023, a 124 per cent YoY increase due to a strong performance from all business segments.

“This was driven in part by an EBITDA margin expansion of 11 percentage points to 33 per cent in the first nine months of 2023, resulting from strength in the shipping and jack-up barges markets, and targeted improvements in operating costs and efficiencies,” ADNOC L&S said in a bourse filing.

Quarterly, the company’s revenue grew by 30 per cent YoY to $702m (Dhs2.6bn), driven by strong growth in the integrated logistics segment while EBITDA surged by 57 per cent YoY to $218M (Dhs801m) in the third quarter.

Furthermore, ADNOC L&S said its net profit for the third quarter rose by 46