ADNOC L&S Shareholders Approve $273 Million Dividend For 2024 Amid Strong Financial Growth

ADNOC Logistics & Services Plc (ADNOC L&S) has received shareholder approval for all agenda items at its Annual General Meeting. This includes a final dividend of $136.5 million (AED501.3 million), making the total dividend for 2024 $273 million (AED1,001 million). This represents a 5 percent increase from the previous year, aligning with ADNOC L&S's progressive dividend policy. Shareholders on record as of 3rd April 2025 will receive the final dividend.

Dr. Sultan Al Jaber, Chairman of ADNOC L&S, highlighted 2024 as a pivotal year for the company due to its global expansion and strategic initiatives. "2024 was a transformative year for ADNOC L&S, marked by accelerated global expansion, record financial performance, and bold strategic moves," he stated. The acquisition of an 80 percent stake in Navig8 for $1 billion (AED3.7 billion) significantly boosted their operational capabilities and global presence.

The company's financial performance in 2024 was remarkable, driven by market demand and strategic acquisitions. Revenue increased by 29 percent to over $3.5 billion (AED13 billion), while net profit rose by 22 percent to $756 million (AED2.7 billion). EBITDA saw a growth of 31 percent year-on-year, showcasing ADNOC L&S's ability to scale operations efficiently.

Since its IPO in 2023, ADNOC L&S's share price has surged by 178 percent, outperforming the ADX and reinforcing investor confidence in its long-term strategy. Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, expressed optimism about future growth prospects: "ADNOC L&S is well-positioned for continued success."

In line with sustainability goals, ADNOC L&S achieved an 11 percent reduction in carbon intensity compared to the previous year and a 56 percent reduction in fleet emissions since 2019. These efforts align with ADNOC’s broader decarbonization objectives. The company also expanded its fleet with environmentally efficient vessels equipped with low-emission dual-fuel engines.

The Integrated Logistics segment saw significant growth through new contracts and asset acquisitions. Securing hire contracts for jack-up barge deployments and acquiring offshore assets strengthened ADNOC L&S's leadership in offshore logistics.

Investments in Talent Development

ADNOC L&S invested nearly AED1 billion in workforce development and local partnerships in 2024 to support Emirati talent and the UAE economy. This investment underscores their commitment to ADNOC’s In-Country Value (ICV) programme, which aims to nurture future maritime industry leaders.

Dr. Al Jaber emphasized that ADNOC L&S is poised for further growth through organic expansion and strategic acquisitions: "With a growing fleet of next-generation vessels and a steadfast commitment to efficiency and sustainability, we remain focused on delivering ADNOC’s energy to the world while contributing to the UAE’s economic ambitions."

The momentum built by ADNOC L&S sets a promising stage for future developments as they continue to enhance their operational capabilities while maintaining profitability.

With inputs from WAM