ADNOC L&S pulls out strong Q1-2024 numbers, with Dh3b in revenue

ADNOC L&S pulls out strong Q1-2024 numbers, with Dh3b in revenue

A significant new project flow has been boosting ADNOC L&S' latest financials. Image Credit: Supplied

Dubai: It's proving to be a good quarter for publicly-listed ADNOC entities, with ADNOC Logistics & Services the latest to announce a sizeable pickup in its financials. The company delivered a net profit of Dh712 million (Dh0.10 a share), which is a 34 per cent gain on the Dh533 million last year. 

Revenues pulled in Dh3.085 billion, a robust 42 per cent increase. The EBITDA too turned in an over 40 per cent gain, to Dh1.05 billion as 'all business segments continued to perform strongly'.

Based on these numbers, ADNOC L&S has revised its full-year projections higher. "This strong financial performance has been powered by ADNOC L&S’ ambitious transformational growth strategy whereby the company intends to invest in excess of $5 billion (Dh18.4 billion) in value-accretive growth in energy-related maritime logistics over the medium term, to meet growing demand in and beyond the UAE."

ADNOC L&S pulls out strong Q1-2024 numbers, with Dh3b in revenue