ADNOC Logistics and Services plc today announced its fourth quarter (Q4) and full-year 2024 financial results, reporting that the company’s annual revenue reached $3,549 million (AED13,035 million), an increase of 29% compared to 2023.
Publish dateWednesday 12 February 2025 - 22:46
According to Amac News, based on ADNOC L&S’s report, earnings before tax, depreciation, amortization and special charges (EBITDA) also increased by 31% during the same period to $1,149 million (AED4,219 million), driven by strong performance across all business segments, maintaining an EBITDA margin of 32%.
The company’s annual net profit was $756 million (AED2,777 million), equivalent to $0.10 (AED0.38) per share, an increase of 22% compared to the previous year.
The company’s fourth-quarter revenue increased 6% year-on-year to $881 million (AED 3,237 million), while EBITDA increased 17% year-on-year to $282 million (AED 1,035 million).
Net profit for the company’s fiscal fourth quarter increased 9% year-on-year to $180 million (AED 660 million).
Integrated Logistics segment revenues reached $2,281 million (AED 8,377 million), up 40% year-on-year.
The increase was driven by volume growth in its Integrated Logistics Services Platform (ILSP) and strong growth in third-party maritime logistics services; major progress on engineering, procurement and construction (EPC) projects, particularly the G-Island project partnership; accelerated delivery of the Hail & Ghasha project; and improved utilization and achieved rates for Jack-Up Barges (JUBs), which contributed to fleet growth and strengthened expansion in the GCC.
Integrated Logistics EBITDA for the full year 2024 increased by 30% to $687 million (AED 2,522 million) compared to 2023.
Transportation revenues increased by 14% to $956 million (AED 3,511 million), driven by strong charter rates for dry bulk and tankers in the first half of 2024, along with additional revenue from four Very Large Crude Carrier (VLCC) vessels purchased in 2023 and the LNG vessel “Shahbam” contracted at a higher rate for 2024 compared to 2023; partially offset by a reduction in the chartered fleet.
Transportation EBITDA for 2024 increased by 24% to $396 million (AED 1,456 million), resulting in an EBITDA margin of 41%.
Services revenues increased by 10% to $312 million (AED 1,147 million) compared to 2023. The segment generated EBITDA of $56 million (AED 206 million), an increase of 26% compared to the previous year, mainly driven by increased volumes at oil ports and onshore terminal operations.
The company’s annual net profit was $756 million (AED2,777 million), equivalent to $0.10 (AED0.38) per share, an increase of 22% compared to the previous year.
The company’s fourth-quarter revenue increased 6% year-on-year to $881 million (AED 3,237 million), while EBITDA increased 17% year-on-year to $282 million (AED 1,035 million).
Net profit for the company’s fiscal fourth quarter increased 9% year-on-year to $180 million (AED 660 million).
Integrated Logistics segment revenues reached $2,281 million (AED 8,377 million), up 40% year-on-year.
The increase was driven by volume growth in its Integrated Logistics Services Platform (ILSP) and strong growth in third-party maritime logistics services; major progress on engineering, procurement and construction (EPC) projects, particularly the G-Island project partnership; accelerated delivery of the Hail & Ghasha project; and improved utilization and achieved rates for Jack-Up Barges (JUBs), which contributed to fleet growth and strengthened expansion in the GCC.
Integrated Logistics EBITDA for the full year 2024 increased by 30% to $687 million (AED 2,522 million) compared to 2023.
Transportation revenues increased by 14% to $956 million (AED 3,511 million), driven by strong charter rates for dry bulk and tankers in the first half of 2024, along with additional revenue from four Very Large Crude Carrier (VLCC) vessels purchased in 2023 and the LNG vessel “Shahbam” contracted at a higher rate for 2024 compared to 2023; partially offset by a reduction in the chartered fleet.
Transportation EBITDA for 2024 increased by 24% to $396 million (AED 1,456 million), resulting in an EBITDA margin of 41%.
Services revenues increased by 10% to $312 million (AED 1,147 million) compared to 2023. The segment generated EBITDA of $56 million (AED 206 million), an increase of 26% compared to the previous year, mainly driven by increased volumes at oil ports and onshore terminal operations.
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Source : news agency wam
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