Adnoc L&S Net Profit Increases 138% Year-On-Year
Date
2/15/2024 12:01:29 AM
(MENAFN- Khaleej Times) Adnoc Logistics and Services plc on Thursday announced that its net profit for 2023 stood at $620 million (Dh2,277 million), or $0.08 (Dh0.29) per share, representing a 138 per cent year-on-year (Y-o-Y) increase over a net profit of $261 million (Dh959 million) in 2022.
The Company generated revenues of $2,755 million (Dh10,118 million) in 2023, marking a 41 per cent increase over 2022. Ebitda increased 93 per cent Y-o-Y to $876 million (Dh3,217 million) as all business segments continued to perform strongly. This was driven by a 9 percentage point Ebitda margin expansion to 32 per cent in 2023 against the same period last year, resulting mainly from the growth in the Integrated Logistics segment in addition to continued strong performance in the Shipping and Marine Services segments.
On a quarterly basis, fourth-quarter net profit grew by 89 per cent Y-o-Y to $165 million (Dh606 million) while revenue increased by 26 per cent Y-o-Y to $828 million (Dh3,041 million) mainly driven by continued momentum in the Integrated Logistics segment. Q4 Ebitda increased by 43 per cent Y-o-Y to $242 million (Dh889 million).
Commenting on the Company's results, Captain 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 per cent increase in share price, nearly doubling Ebitda, and a 138 per cent 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. We remain confident in our medium-term guidance and the potential to further strengthen our position as a global energy maritime logistics leader.”
The Company's Board of Directors has recommended distributing a cash dividend of $130 million (Dh477 million), equivalent to 6.45 fils per share, for the second half of 2023. This recommendation will be submitted for shareholders' approval at the Annual General Assembly Meeting. Subject to shareholders' approval, the total dividend for Q2 and H2 2023 is expected to be $195 million (Dh716 million), equivalent to 9.68 fils per share. The $65 million (Dh239 million) dividend for Q2 2023 was paid in November 2023. Payment of the dividend for H2 2023 is expected in Q2 2024, subject to shareholders' approval.
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