ADNOC Logistics and Services (ADNOC L&S) recorded a 22 per cent increase in its net profit for 2024, reaching USD 756 million (AED 2,777 million).
The company also saw a strong 29 per cent rise in revenue last year, totalling USD 3,549 million (AED 13,035 million) compared to 2023.
In the fourth quarter of 2024, revenue grew by 6 per cent to USD 881 million (AED 3,237 million), while net profit for the period rose by 9 per cent to USD 180 million (AED 660 million) compared to the same quarter in the previous year.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, attributed the strong financial performance in 2024 to the company’s solid results across all business divisions.
“This year has been defined by our investment in expanding internationally, the addition of new vessel types focused on transition fuels, and the continued growth of our large integrated logistics business,” he stated.
Al Masabi added that the company’s expansion will persist into 2025 and beyond, with over USD 6 billion committed to high-value growth initiatives since its IPO, largely tied to long-term contracts.
Among the company’s divisions, revenue from the integrated logistics segment surged by 40 per cent to USD 2,281 million (AED 8,377 million), while revenue from the shipping segment increased by 14 per cent to USD 956 million (AED 3,511 million).
