ADNOC Logistics and Services (ADNOC L&S) reported a 22 per cent rise in its net profit in 2024 to $756 million (AED 2,777 million).
The company also registered a healthy 29 per cent jump in its revenue last year to $3,549 million (AED 13,035 million), compared to 2023.
Its Q4, 2024 revenue increased by 6 per cent to $881 million (AED 3,237 million), while the net profit for the quarter rose higher at 9 per cent to $180 million (AED 660 million), compared to the same year-ago period.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said the strong growth in financial returns in 2024 was on account of robust performance across all business segments.
“The year has been characterised by investing in the internationalization of our business platform, the addition of new vessel types focused on transition fuels, and the growth of our large integrated logistics business,” he said.
Al Masabi said the company’s growth story will continue into 2025 and beyond with more than $6 billion in highly value-accretive growth opportunities committed since IPO, mostly against long-term contracts.
Among the businesses, revenues from the company’s integrated logistics segment posted a 40 per cent rise to $2,281 million (AED 8,377 million), while revenues from the shipping segment increased 14 per cent to $956 million (AED 3,511 million).
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