Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) generated 22% year-on-year (YoY) higher net profits at $756 million in 2024, compared to $620 million.
The revenues increased by 29% to $3.54 billion last year from $2.75 billion in 2023, according to the financial results.
Earnings per share (EPS) jumped by 22% YoY to $0.10 in the January-December 2024 period from $0.80.
Financials for Q4-24
In the fourth quarter (Q4) of 2024, ADNOC L&S logged net profits amounting to $ 180 million, an annual rise of 9% from $165 million. Revenues grew by 6% to $881 million from $828 million.
On a quarterly basis, the Q4-24 profits rose by 3% from $175 million in Q3-24, while the revenues fell by 5% from $928 million.
Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “This 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.”
“Our growth story continues into 2025 and beyond with more than $6 billion highly value-accretive growth opportunities committed since IPO, mostly against long-term contracts,” Al Masabi mentioned.
