Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) generated net profits valued at $454.99 million in the first nine months (9M) of 2023, an annual surge of 162% from $173.35 million.
Revenues increased by 49% to $1.92 billion as of 30 September 2023 from $1.29 billion a year earlier, according to the interim consolidated financial results.
Basic and diluted earnings per share (EPS) hit $0.06 in 9M-23, compared to $0.17 in the year-ago period.
ADNOC L&S reported total assets amounting to $5.29 billion in 9M-23, versus $4.50 billion as of 31 December 2022.
Financial Statements for Q3-23
In the third quarter (Q3) of 2023, the UAE group registered $147.68 million in net profit, marking a YoY hike from $101.33 million.
Revenues climbed to $702.36 million in Q3-23 from $538.75 million in Q3-22, while the basic and diluted EPS retreated to $0.02 from $0.10.
Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “Our continued profitable growth coupled with strong positive cash delivery positions us to continue financing our transformational investment program whilst rewarding our shareholders for their support and trust in ADNOC L&S.”
“Looking ahead, we continue to actively seek smart well-timed growth opportunities that are in line with our sustainability priorities to cement our position as a global energy maritime logistics leader,” Al Masabi continued.
In the first half (H1) of 2023, the ADX-listed company posted a 327% hike in net profit to $307 million, compared to $72 million in H1-22.
