Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) registered $620.15 million in net profit during 2023, marking an annual surge of 138% from $260.79 million.
The revenues hiked by 41% to $2.75 billion as of 31 December 2023 from $1.95 billion a year earlier, according to the consolidated financial results.
Basic and diluted earnings per share (EPS) hit $0.08 last year, lower than $0.26 in 2022.
Total assets jumped to $5.74 billion as of 31 December 2023 from $4.50 billion in the year-ago period.
Income Statements for Q4-23
In the fourth quarter (Q4) of 2023, the UAE-based company posted 89% year-on-year (YoY) higher net profits at $165 million, versus $87 million.
Meanwhile, the revenues amounted to $828 million in Q4-23, up 26% YoY from $657 million.
Quarter-on-quarter (QoQ), the net profits in Q4-23 grew by 12% from $148 million in Q3-23, while the revenues increased by 18% from $702 million.
Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “In 2023, our first year as a publicly listed entity, ADNOC L&S achieved significant milestones, including a 91% increase in share price, nearly doubling EBITDA, and a 138% rise in net profit.”
“Our strong balance sheet and cash position will enable us to unlock additional growth opportunities, reinforcing our commitment to delivering attractive shareholder returns,” Al Masabi highlighted.
Dividends
The board of ADNOC L&S recommended a cash dividend of $130 million (AED 477 million), equivalent to 6.45 fils per share, for the second half (H2) of 2023.
The dividends proposal will be submitted for shareholders’ approval at the annual general meeting.
Accordingly, the total dividend for Q2-23 and H2-23 is expected to be $195 million, equivalent to 9.68 fils per share.
The $65 million dividend for Q2-23 was paid in November 2023, while the dividend for H2-23 is expected to be distributed in Q2-24.
In line with the progressive dividend policy, the ADX-listed company aims to increase annual dividends by at least 5% over the medium term, taking the 2023 dividend ($260 million) as a base.
