Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) posted 27% higher net profits at $576.35 million in the first nine months (9M) of 2024, compared to $454.99 million in 9M-23.
The revenues amounted to $2.66 billion as of 30 September 2024, up 38% year-on-year (YoY) from $1.92 billion, according to the financial results.
Basic and diluted earnings per share (EPS) increased to AED 0.08 in 9M-24 from AED 0.06 a year earlier.
Financials for Q3-24
In the third quarter (Q3) of 2024, ADNOC L&S recorded net profits worth $174.96 million, higher by 18% than $147.68 million in the year-ago period.
Revenues jumped by 32% to $928.39 million in Q3-24 from $702.36 million in Q3-23, while the basic and diluted EPS maintained its value at $0.02.
Quarterly, the Q3-24 net profits dropped by 16% from $208 million in Q2-24,while the revenues grew by 3% from $899 million.
Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “These robust financial results demonstrate continued delivery of our strategy and our focus on delivering strong shareholder value through growth.”
“The expected contribution of Navig8 will further boost our profile as a global energy maritime logistics company, while our strong balance sheet provides for further organic and inorganic value-accretive growth opportunities,” Al Masabi indicated.
