ADNOC L&S shareholders approve $273mln dividend as company delivers unprecedented growth in 2024
Strategic fleet expansion strengthens ADNOC L&S' position as a leader in low-carbon energy transportation
AI-driven innovations enhance safety, efficiency, and emissions reduction across ADNOC L&S operations
Abu Dhabi, UAE – ADNOC Logistics & Services Plc (ADNOC L&S / the Company) (ADX symbol ADNOCLS / ISIN AEE01268A239), a global energy maritime logistics leader, today announced shareholder approval of all agenda items at its Annual General Meeting, including a final dividend of $136.5 million (AED501.3 million), bringing the 2024 full-year dividend to $273 million (AED1,001 million), a 5% increase year-on-year, in line with ADNOC L&S' progressive dividend policy. The final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on record as of April 3, 2025.
H.E. Dr. Sultan Al Jaber, Chairman of ADNOC L&S, said: '2024 was a transformative year for ADNOC L&S, marked by accelerated global expansion, record financial performance, and bold strategic moves. We continued to strengthen our fleet and completed a pivotal $1.0 billion (AED3.7 billion) acquisition of 80% of Navig8, significantly enhancing our global reach and operational capabilities. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a 5% increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership.
'As we look ahead, ADNOC L&S is positioned for continued growth, driven by organic expansion, strategic acquisitions, and cutting-edge technology investments. 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 we have built sets the stage for an even more exciting future.'
Record Financial Performance in 2024
ADNOC L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency. Revenue increased 29% year-on-year to over $3.5 billion (AED13 billion), while net profit rose 22% to $756 million (AED2.7 billion). EBITDA grew 31% year-on-year, reflecting ADNOC L&S' ability to scale operations while maintaining profitability. Since its 2023 IPO, the Company's share price has increased by 178%[1], significantly outperforming the ADX and strengthening investor trust in ADNOC L&S' long-term strategy.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: 'ADNOC L&S is well-positioned for continued success. We are unwavering in our commitment to growth, both organic and through strategic acquisitions, and this will continue to deliver value to customers, shareholders, and the UAE.
'We are equally committed to developing Emirati talent and supporting the UAE economy, having invested nearly AED1 billion in workforce development and local partnerships in 2024. ADNOC L&S remains a key contributor to ADNOC's In-Country Value (ICV) program, fostering the next generation of maritime industry leaders.'
Strategic Fleet Expansion and Sustainability Leadership
In 2024, ADNOC L&S continued executing one of the industry's largest fleet expansion programs, securing 21 new environmentally efficient vessels equipped with low-emission dual-fuel engines. The Company also took delivery of its first of six newbuild LNG carriers, with the second expected in May 2025. In 2024, the Company achieved an 11% reduction in carbon intensity compared with the previous year, with a 56% reduction in fleet emissions since 2019, aligning with ADNOC's broader decarbonization objectives.
The Integrated Logistics business segment saw significant expansion, securing hire contracts for 19 jack-up barge deployments and acquiring 20 offshore assets. These developments reinforce ADNOC L&S' leadership in offshore logistics, supporting ADNOC's broader energy growth strategy.
As part of its commitment to environmental responsibility, ADNOC L&S achieved an 11% reduction in carbon intensity in 2024 compared to the previous year, with a 56% reduction in fleet emissions since 2019. These improvements reflect the Company's dedication to sustainable maritime operations and energy efficiency enhancements.
Technology & AI-Driven Innovation
ADNOC L&S is advancing the industry's digital transformation, investing in AI-powered solutions, such as AIQ's SMARTi safety monitoring and the Integrated Logistics Management System (ILMS), to enhance safety, optimize operations, and reduce delays.
Outlook
Building on its record 2024 performance, the Company's guidance for 2025 and medium-term guidance, now including the contribution of Navig8 and the Integr8 joint-control activity from 8 January 2025, is as follows:
• Group Revenues: The Company anticipates y-o-y revenue growth from 2024 to 2025 in the mid to high 40% range. Over the medium term (2026-2029), the Company expects to deliver a revenue CAGR in the low single-digit range.
• Group EBITDA: The Company expects y-o-y EBITDA growth from 2024 to 2025 in the high teens. In the medium term (2026-2029), the Company targets an EBITDA CAGR in the high single-digit range.
• Group Net Income: The Company anticipates y-o-y net income from 2024 to 2025 in the low double-digit range. Over the medium term (2026-2029), the Company expects a net income CAGR in the high single digit range.
• Growth Investments: After delivering significant committed growth in 2024, both organic and inorganic, the Company maintains its capital expenditure guidance, reflecting its commitment to long-term growth and strategic expansion. ADNOC L&S anticipates an additional $3 billion+ of value-accretive organic investment spend by 2029, beyond the projects already announced and incorporated in guidance, applying the same investment return criteria.
• Capital Structure: The Company targets a 2.0-2.5x net debt / EBITDA ratio over the medium term, with the recently committed Hybrid Capital Instrument, debt, and free cash flows after dividends, the primary funding sources for committed and anticipated growth investment.
-Ends-
About ADNOC Logistics & Services
ADNOC Logistics & Services Plc, listed on the Abu Dhabi Securities Exchange (ADX symbol ADNOCLS / ISIN AEE01268A239) is a global energy maritime logistics company based in Abu Dhabi. Through its three business units – Integrated Logistics, Shipping and Services – ADNOC L&S delivers energy products and solutions to more than 100 customers in over 50 countries. ADNOC L&S' key subsidiaries include Zakher Marine International Holdings (100% ownership), an Abu Dhabi-based owner and operator of offshore support vessels; and Navig8 (80% ownership), a global ship owner and commercial pools operator also offering bunkering and ship management solutions.
To find out more, visit: www.adnocls.ae
For media enquiries, please contact: media@adnocls.ae
For investors enquiries, please contact: IR@adnocls.ae
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
16 hours ago
- Zawya
IntelliDent AI and Woxsen University forge strategic alliance to advance AI research, leadership & innovation in healthcare
IntelliDent AI, a Dubai-based healthtech company at the forefront of artificial intelligence solutions in dentistry, has signed a Memorandum of Understanding (MoU) with Woxsen University's AI Research Centre, Hyderabad, India. The five-year strategic partnership aims to drive collaborative innovation through joint research, live project exposure, and advanced technical training. This collaboration is designed to fuel co-innovation, AI-driven entrepreneurship, and cutting-edge research in digital healthcare. Under this agreement, IntelliDent AI and Woxsen University will engage in joint academic-industry initiatives focused on AI-driven healthcare solutions, consultancy-based projects, and the commercialization of technology innovations. The MoU outlines cooperation in the following key areas: Real-World AI Projects: IntelliDent will provide students from Woxsen's AI Research Centre hands-on exposure to live, real-time projects from the healthcare domain—preparing them to address real-world challenges with AI-driven solutions. Joint Research & Publications: Both institutions will collaborate on research grants, white papers, product prototypes, and academic publications that shape the future of medical technology. Entrepreneurship & Product Commercialization: Special focus will be placed on developing products from ideation to market readiness, with guidance on building startups and commercializing AI health tech solutions. Cross-Training & Knowledge Exchange: Faculty and industry professionals will exchange expertise in best practices, fostering a culture of mutual growth and continuous innovation. Strategic Awareness Initiatives: Co-hosted awareness programs, leadership bootcamps, and innovation challenges will promote ethical AI, responsible leadership, and entrepreneurship across emerging markets. Speaking on the occasion, Mr. Affaan Shaikh, Founder and CEO of IntelliDent AI, stated: 'This MoU with Woxsen isn't just about technology, it's about inspiring a generation of AI leaders who blend deep tech knowledge with entrepreneurial thinking and purpose-driven leadership. By embedding awareness, education, and innovation into every layer of this partnership, we are not only building smarter healthcare systems, but also empowering future changemakers.' The MoU was signed by Dr. Raul V. Rodriguez, Vice President of Woxsen University, and Mr. Affaan Shaikh, with oversight by Dr. Hemachandran K, Director of the AI Research Centre, and Mr. Khalid Shaikh, Advisor to IntelliDent AI. This milestone underscores IntelliDent AI's commitment to shaping global talent in healthcare AI and highlights Woxsen's ongoing mission to blend business, technology, and innovation through meaningful industry collaborations. Together, IntelliDent AI and Woxsen University are setting the foundation for impactful, future-forward education —where research, leadership, and real-world problem-solving converge.
Gulf Today
18 hours ago
- Gulf Today
Asian equities see largest monthly foreign inflow in 15 months
Asian equities attracted strong foreign inflows in May as concerns over an immediate economic hit from higher US tariffs eased, prompting a return by investors who had previously exited large and concentrated positions in the region. The inflows marked a sharp reversal after four consecutive months of net foreign selling. According to data from LSEG, foreign investors bought approximately $10.65 billion worth of equities across India, Taiwan, South Korea, Thailand, Indonesia, Vietnam, and the Philippines, registering their largest monthly net purchase since February 2024. US President Donald Trump's announcement of reciprocal tariffs in early April stoked concerns over the impact on Asian exports, exporter margins, and regional supply chains, but a subsequent 90-day pause for most countries later in the month helped ease investor fears and revive interest in regional assets. Goldman Sachs said it has revised its earnings growth forecast for MSCI Asia Pacific ex-Japan (MXAPJ) to 9 per cent for both 2025 and 2026, raising estimates by 2 and 1 percentage points, respectively, citing stronger macro growth in China and US-exposed markets. The upgrade was also supported by $600 billion in AI-related investments from Saudi Arabia to US firms, which are expected to benefit Taiwan and Korea, though the impact may be partially offset by a weaker dollar, the brokerage said. Taiwan equities witnessed $7.28 billion worth of foreign inflows, the largest monthly cross-border net purchase since November 2023. Foreigners also acquired a significant $2.34 billion worth of Indian stocks in their largest monthly net purchase since September 2024. South Korean, Indonesian and Philippine stocks also saw foreign inflows worth a net $885 million, $338 million and $290 million, respectively, while Thai stocks suffered $491 million of net selling. Despite heightened market volatility in the first half of the year driven by concerns over President Trump's trade policies, the MSCI Asia-Pacific Index has risen about 8.8 per cent year-to-date, outperforming both the MSCI World Index, which is up 5.4 per cent, and the S&P 500 Index, which has gained 0.98 per cent. Asian currencies were steady on Friday and poised for weekly gains after a phone call between US President Donald Trump and Chinese leader Xi Jinping signalled further trade talks, while most regional equities tracked Wall Street's overnight losses. In India, equities reversed course to rise 0.9 per cent after the Reserve Bank of India delivered a larger-than-expected cut to its key repo rate and lowered the cash reserve ratio to bolster economic growth. 'The RBI may have decided to move quickly to a more appropriate policy rate level. A shift towards neutral stance means more rate cuts may be unlikely in the near-term,' Jeff Ng, Head of Asia Macro Strategy at SMBC, said. The rupee inched up 0.1 per cent to 85.74 per dollar. Other regional currencies moved within a narrow band. The Thai baht and Singapore dollar were largely flat but were on track for weekly gains of 0.5 per cent and 0.4 per cent, respectively. The Malaysian ringgit was up nearly 0.6 per cent for the week. MSCI's index of emerging market currencies was flat after touching an all-time high on Thursday. The index is up 0.5 per cent for the week. The dollar index was little changed, after hitting a six-week low on Thursday, and was headed for a weekly loss of 0.5 per cent. Trump's erratic tariff moves and a worsening US fiscal outlook have triggered a flight from the dollar, prompting analysts to expect most emerging market currencies will retain or build on their gains over the next six months. In their closely watched hour-long phone call on Thursday, Xi pressed Trump to ease trade tensions that have rattled the global economy and warned against provocative moves on Taiwan, according to a summary released by the Chinese government. But Trump said on social media that the talks, focused primarily on trade, led to 'a very positive conclusion'. 'The talks look positive, and coupled with Federal Reserve rate cut expectations due to weak US data, might lead to further USD softening,' said Saktiandi Supaat, Head of FX research at Maybank. Markets are now bracing for the US jobs and non-farm payrolls report due later in the day, with concerns that a downside surprise could stoke stagflation fears and boost pressure on the Federal Reserve to quickly ease policy. Reuters
Gulf Business
a day ago
- Gulf Business
Executive education: Accenture's Abir Habbal on preparing AI-savvy leaders
Image: Supplied The AI revolution isn't coming — it's already here. But for most business leaders, bridging the gap between AI hype and actionable strategy remains a challenge. Enter the Generative AI Scholars Programme, a joint initiative by Accenture and Stanford University, now being rolled out across the Middle East. In this interview, Abir Habbal, Data and AI Strategy & Consulting lead at Accenture in the Middle East, explains what makes this programme more than just another executive course. From bite-sized modules grounded in Stanford's academic legacy to real-world applications tailored for the region's ambitious digital visions, this programme is designed to turn C-suite curiosity into capability. Habbal also shares why the UAE and Saudi Arabia are ideal launchpads, highlights the top misconceptions around AI adoption, and offers a glimpse into the real business impact already emerging from this new generation of AI-savvy leaders. In your view, what role can executive education like this play in accelerating the region's digital transformation — and what's still needed to close the gap between ambition and impact? Executive education programmes are instrumental in accelerating the Middle East's AI transformation by comprehensively equipping leaders for the AI era. They are crucial for building AI-literate leadership, empowering decision-makers across the GCC to not only understand AI's potential but also to strategically apply it within their organisations. This involves a fundamental shift in mindset: moving from viewing AI purely as an IT function to recognsing it as a catalyst for business model transformation and sustainable growth. By fostering AI fluency, these programmes bridge the communication gap between the c-suite and technical teams, enabling more productive dialogues and streamlined decision-making, which is vital for the region's ambitious national AI strategies. However, to fully close the gap between this ambition and tangible impact, several critical elements are still needed. Beyond leadership, there must be a broader investment in role-based AI training across all levels of the workforce, ensuring everyone understands how AI integrates into their daily tasks and contributes to organisational goals. Furthermore, the emphasis on responsible AI must be woven into the fabric of every initiative, with clear governance models addressing data privacy, bias, and transparency from inception, as this builds crucial trust for widespread adoption. Ultimately, sustained success hinges on a commitment to scaling what works, fostering a culture of continuous learning and experimentation, and aligning AI innovation directly with national economic diversification and digital transformation priorities across the region. There's growing awareness of AI across industries — but a notable gap when it comes to implementation. What are the most common misconceptions or barriers you see among business leaders trying to adopt AI? Despite high awareness, a significant gap exists between AI understanding and real-world implementation among business leaders. Accenture's research highlights that while 84 per cent of c-suite executives believe they must leverage AI to achieve their growth objectives, only 15 per cent feel their organization is truly ready to scale it. The most common misconceptions and barriers include: Uncertainty about where to start: The rapidly evolving AI landscape makes it challenging to differentiate hype from achievable business value. Lack of leadership alignment: If c-suite leaders (CIO, CFO, CHRO) don't operate from a shared understanding, AI initiatives often stall at the pilot stage. Organisational unreadiness: Many businesses lack the foundational data infrastructure, skilled talent, or robust governance frameworks needed for responsible AI scaling. As Accenture's research indicates, 70-80 per cent of AI initiatives never move beyond the pilot phase, and while many focus on technical capabilities, successful AI implementation is predominantly a people and process challenge. Misconception of AI as purely an IT initiative: Leaders often fail to see AI as a core strategic imperative for growth, innovation, and competitiveness, viewing it simply as a technological tool rather than a catalyst for business model transformation. Risk avoidance over responsible risk-taking: Concerns around ethics, trust, and governance, while valid, can lead to a paralysis of innovation if not balanced with a strategy of embracing innovation with built-in guardrails and responsible AI practices from day one. Lack of clarity on ROI: A significant barrier is establishing ROI on identified opportunities and making a business case for scaling initiatives, which are often perceived as more challenging than technical limitations Can you walk us through what makes this programme distinct from other executive education offerings — particularly in how it blends Stanford's academic insights with real-world application? The programme includes easily digestible, bite-sized modules, industry spotlights, case studies, and reflection activities, ensuring participants not only grasp complex concepts like technical fundamentals, foundation models, and prompt engineering but also develop the generative AI strategy and technology know-how for real-world application. This approach aims to spark reinvention agendas that can profoundly transform businesses, enabling leaders to drive innovation and navigate the digital economy effectively. Why was the Middle East chosen as the next region for the rollout of this programme, and how has the regional business landscape influenced its evolution or delivery? The Middle East, specifically Saudi Arabia and the UAE have emerged as prime focus for the rollout of programmes like the Generative AI Scholars Program due to the country visions and their unparalleled ambition and strategic commitment to becoming global leaders in AI. This region is not merely adopting AI; it's actively leading its development and integration into national visions. Both nations are making substantial financial commitments to AI infrastructure, research centers, and digital ecosystems. This includes significant government-backed AI R&D funds, free zones offering incentives for AI businesses, and partnerships with global cloud technology organisations. The region is not just investing in technology but also in building a modern digital core, which Accenture sees as essential for continuous reinvention and for organisations to rapidly seize every opportunity presented by AI. Recognisng that technology adoption requires human capital, these nations are heavily investing in developing AI fluency across their workforces, from top leadership to technical teams. We are working with MCIT Saudi Arabia in an Accenture artificial intelligence training programme organised by the Accenture LearnVantage Academy. These programmes directly address human capital requirements by equipping senior officials and business leaders with the mindset and skills needed to lead with AI responsibly. As the programme moves from theory to action, what kind of real-world business outcomes are participants expected to achieve? Can you share any early examples from previous rollouts globally? The expected real-world business outcomes are centered on driving measurable value and competitive advantage. Accenture identifies these outcomes as broader and more strategic than just cost savings. Participants are expected to achieve: Enhanced decision-making: AI tools help leadership teams make faster, more informed decisions, leading to improved strategic agility. Increased employee productivity and empowerment: By leveraging AI, leaders can free up time for their teams to focus on high-impact work rather than being buried in manual analysis or reporting. This contributes to a positive human-AI relationship, which Accenture believes is a key priority for leaders. Tangible business impact: Strategies informed by AI insights are expected to translate into winning new business, improving customer satisfaction, and accelerating the launch of initiatives. Accenture's AI Achievers report indicates that 63 per cent of high-performing companies say they've already achieved measurable ROI from their AI investments within three years. Accelerated organistional agility: AI helps organisations react faster to market changes, or spot opportunities we would've missed before, fostering a state of continuous reinvention. Business model transformation: Rather than just incremental gains, organizations are expected to achieve step-change improvements in revenue, efficiency, and customer experience by integrating AI effectively, as leaders rethink how digital systems are designed, how people work, and how they create products and interact with customers. Innovation at scale: The programme aims to unlock creativity and accelerate progress, sector by sector, by empowering people to reimagine what's possible with AI.
