Latest news with #AdnocL&S
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Adnoc L&S first quarter revenue increases 41%, Ebitda up 20%
Adnoc Logistics and Services, a global energy maritime logistics company, on Monday announced a 41 per cent rise in first quarter revenues to $1.181 billion (Dh4.339 billion). Earnings before interest, taxes, depreciation and amortisation (Ebitda) rose by 20 per cent to $344 million (Dh1.262 billion) in the same period, driven by robust performance across all business segments, sustaining the Ebitda margin at 29 per cent. Net profit for Q1 2025 was $185 million (Dh678 million), down five per cent compared to Q1 2024, mainly due to lower commercial shipping rates, but up three per cent compared to the previous quarter. 'Despite evolving market conditions, Adnoc L&S' strategic diversification and resilient business model supports delivery of strong net profit and operating cash flow,' the company said in a statement. Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, said: 'Adnoc L&S continues to deliver robust financial results and significant business growth. Our recent acquisition of 80 per cent of Navig8, and the integration of their capabilities into our expansive services portfolio, further strengthens our customer offerings and international footprint, unlocking new shareholder value. Moving forward, we will continue to deliver on our transformational growth strategy while leveraging cutting-edge technologies and AI solutions to further enhance operational efficiencies.' Revenues from the integrated logistics segment increased to $628 million (Dh2.307 billion), up 23 per cent compared to Q1 2024. The increase was largely driven by higher revenues from engineering, procurement and construction (EPC) projects including the Al Omairah Island and Hail & Ghasha projects, and improved utilisation and rates earned from Jack-Up Barges (JUBs). Integrated logistics' Ebitda rose by 15 per cent to $182 million (Dh669 million) compared to Q1 2024. Revenues from the shipping segment increased 87 per cent to $469 million (Dh1,722 million), compared to Q1 2024, driven primarily by the consolidation of revenue from the Navig8 tanker fleet. Shipping Ebitda increased 26 per cent to $143 million (Dh527 million) compared to the same period last year, generating a robust Ebitda margin of 31 per cent. Revenues from the services segment increased 9 per cent to $84 million (Dh310 million) compared to Q1 2024. Ebitda from the segment grew 52 per cent year-on-year to $18 million (Dh66 million), mainly driven by higher Borouge Container Terminal volumes and shares of profit from Integr8. Adnoc L&S continues to secure its future earnings. The Company has added 340 years of newly contracted revenues against its recent order of energy-efficient vessels, including $2.95 billion (Dh10.8billion) invested into eight new Liquified Natural Gas Carriers, nine Very Large Ethane Carriers, and four Very Large Ammonia Carriers. The company maintained its Ebitda and net income guidance for 2025, with continued strength and growth in integrated logistics business returns helping to offset weaker than anticipated shipping results in Q1 due to weaker shipping market rates, with an improving outlook for rates. 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. The company's dividend policy remains unchanged with a projected total dividend payable for 2025 of $287 million (a 5 per cent increase from 2024 annualised dividend), in line with the stated progressive dividend policy and subject to relevant approvals. 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.
Gulf Today
12-05-2025
- Business
- Gulf Today
Adnoc L&S 1st quarter revenue up 41% YoY at Dhs4,339 million
Adnoc Logistics and Services (Adnoc L&S) announced on Monday financial results for the first quarter (Q1) ending March 31st, 2025. Adnoc L&S revenue for Q1 was $1,181 million (Dhs4,339 million), a 41 per cent year-on-year increase. Ebitda rose by 20 per cent to $344 million (Dhs1,262 million) in the same period, driven by robust performance across all business segments, sustaining the Ebitda margin at 29 per cent. Net profit for Q1, 2025 was $185 million (Dhs678 million), down 5 per cent compared to Q1, 2024, mainly due to lower commercial shipping rates, but up 3 per cent compared to the previous quarter. Despite evolving market conditions, Adnoc L&S' strategic diversification and resilient business model supports delivery of strong net profit and operating cash flow. The company continues to unlock additional value and efficiencies from its extensive portfolio of assets, while leveraging progressive synergies from its shipping and logistics subsidiaries, Navig8 and Zakher Marine International (ZMI). Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, said, 'Adnoc L&S continues to deliver robust financial results and significant business growth. Our recent acquisition of 80 per cent of Navig8, and the integration of their capabilities into our expansive services portfolio, further strengthens our customer offerings and international footprint, unlocking new shareholder value. 'Moving forward, we will continue to deliver on our transformational growth strategy while leveraging cutting-edge technologies and AI solutions to further enhance operational efficiencies.' Revenues from the Integrated Logistics segment increased to $628 million (Dhs2,307 million), up 23 per cent compared to Q1 2024. The increase was largely driven by higher revenues from Engineering, Procurement and Construction (EPC) projects including the Al Omairah Island and Hail & Ghasha projects, and improved utilisation and rates earned from Jack-Up Barges (JUBs). Integrated Logistics' Ebitda rose by 15 per cent to $182 million (Dhs669 million) compared to Q1 2024. Revenues from the Shipping segment increased 87 per cent to $469 million (Dhs1,722 million), compared to Q1 2024, driven primarily by the consolidation of revenue from the Navig8 tanker fleet. Shipping Ebitda increased 26 per cent to $143 million (Dhs527 million) compared to the same period last year, generating a robust Ebitda margin of 31 per cent. Revenues from the Services segment increased 9 per cent to $84 million (Dhs310 million) compared to Q1 2024. Ebitda from the services segment grew 52 per cent year-on-year to $18 million (Dhs66 million), mainly driven by higher Borouge Container Terminal volumes and shares of profit from Integr8. Earlier Adnoc Logistics & Services announced shareholder approval of all agenda items at its Annual General Meeting, including a final dividend of $136.5 million (Dhs501.3 million), bringing the 2024 full-year dividend to $273 million (Dhs1,001 million), a 5 per cent 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 3rd April 2025. 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 (Dhs3.7 billion) acquisition of 80 per cent 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 per cent increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership.' He added that 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,' Dr. Al Jaber stated. Adnoc L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency. Revenue increased 29 per cent year-on-year to over $3.5 billion (Dhs13 billion), while net profit rose 22 per cent to $756 million (Dhs2.7 billion). Ebitda grew 31 per cent 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 per cent, significantly outperforming the ADX and strengthening investor trust in Adnoc L&S' long-term strategy.
Gulf Today
21-04-2025
- Business
- Gulf Today
Adnoc listed firms to distribute over $6.7b in annual dividends
Adnoc Group's publicly traded portfolio companies collectively endorsed over $6.7 billion (Dhs24.6 billion) in annual dividend payments to shareholders for 2024, reflecting their strong financial health and commitment to shareholders value. At the Annual General Meetings (AGM) of all six listed companies, shareholders voted overwhelmingly to approve the dividend proposals brought forth by each companies' Boards of Directors. Each of the six listed companies prioritize strong returns and value creation for shareholders, while advancing their strategies to deliver profitable growth. Adnoc Distribution: At its AGM on March 26, Adnoc Distribution shareholders approved a final cash dividend of $350 million (Dhs1.3 billion) for the second half of 2024, bringing total annual dividends to $700 million (Dhs2.6 billion), equal to 20.57 fils per share. Since its IPO in 2017, Adnoc Distribution has paid out $4.8 billion (Dhs17.6 billion) in dividends and delivered a 92% total shareholder return as of the end of 2024. The company is planning capital expenditures of $250-300 million (Dhs917.5 million-1.1 billion) in 2025 while maintaining its dividend policy to distribute to shareholders at least $700 million (Dhs2.6 billion) or 75% of net profit, whichever is higher. Adnoc Gas: Adnoc Gas shareholders approved the companies' proposal to distribute $1.7 billion (Dhs6.2 billion) for the second half of the year, raising the 2024 annual dividend to $3.41 billion (Dhs12.5 billion), the largest distribution by any issuer on the Abu Dhabi Securities Exchange (ADX). The dividend payout and the company's strong 2024 results, which include record adjusted net income of $5 billion (Dhs18.35 billion), propelled it to deliver 19% total shareholder returns for the year. Adnoc Gas is also positioned for potential inclusion in the MSCI and FTSE indices later this year following the company's landmark secondary share offering of 3.1 billion shares-the largest of its kind in ADX history and the UAE's largest secondary offering. Adnoc Drilling: Shareholders of Adnoc Drilling approved the proposed 2024 annual dividend distribution of $788 million (Dhs2.9 billion) at its AGM, including a $394 million (Dhs1.4 billion) dividend for the second half of the year. This represents a 10% increase compared to the previous year, driven by the company's solid financial performance. In 2025, the company aims to enhance operational capacity, targeting revenue between $4.6-$4.8 billion (Dhs16.9-17.6 billion). The company plans to expand its fleet to over 148 rigs by 2026 and integrate AI-enabled technologies to boost efficiency. Adnoc L&S: Adnoc L&S shareholders approved a final 2024 dividend payment of $136.5 million (Dhs501 million), bringing total dividend payments for the year to $273 million and reflecting a 5% year-on-year increase as aligned with its progressive dividend policy. Between its 2023 IPO and the end of 2024, Adnoc L&S delivered more than 178% in total shareholder returns (including share price appreciation and dividends paid), significantly outperforming the ADX and reinforcing investor trust in its long-term strategy. Borouge: At its in-person AGM on April 7, Borouge shareholders approved a final 2024 dividend of $650 million (Dhs2.4 billion), bringing the total annual payout to $1.3 billion (Dhs4.77 billion), equivalent to 15.88 fils per share. Additionally, shareholders authorised a share buyback programme of up to 2.5% of outstanding shares, reflecting the company's strong confidence in its future prospects and the significant upside potential beyond the current share price. At the AGM, Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Managing Director and Group CEO of Adnoc, and Borouge Chairman, spoke about the proposed creation of Borouge Group International that will bring together Borouge and Borealis and acquire Nova Chemicals. The new company has been designed to deliver consistently strong dividends and significant near-term growth, with a production capacity of 13.6 million tonnes - nearly tripling Borouge's current capacity. Borouge also announced it will increase its 2025 dividend to at least 16.2 fils per share, and following completion of the Borouge Group International transaction, the new entity intends to distribute an estimated total annual dividend of $2.2 billion (Dhs8.1 billion), equivalent to a minimum of 16.2 fils per share from 2026 to 2030. Fertiglobe: Fertiglobe shareholders approved the proposed payout of a $125 million (Dhs459 million) dividend for the second half of 2024, bringing total 2024 dividends to $275 million (Dhs1.01 billion), equal to 12.2 fils per share. Since its 2021 IPO, the company has distributed $2.5 billion (Dhs 9.2 billion) to shareholders, delivering one of the highest total shareholder returns on the ADX over that time. WAM
Khaleej Times
25-03-2025
- Business
- Khaleej Times
Adnoc L&S to distribute $273 million dividend as company delivers unprecedented growth in 2024
Adnoc Logistics & Services Plc, a global energy maritime logistics leader, on Tuesday a final dividend of $136.5 million (Dh501.3 million), bringing the 2024 full-year dividend to $273 million (Dh1.001 billion), a five per cent 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. In 2024, Adnoc L&S's revenue increased 29 per cent year-on-year to over $3.5 billion (Dh13 billion), while net profit rose 22 per cent to $756 million (Dh2.7 billion). Ebitda grew 31 per cent year-on-year. Since its 2023 IPO, the company's share price has increased by 178 per cent, significantly outperforming the ADX. The company anticipates year-on-year revenue growth from 2024 to 2025 in the mid to high 40 per cent range. Over the medium term (2026-2029), it expects to deliver a revenue CAGR in the low single-digit range. Adnoc L&S expects year-on-year 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. The company anticipates year-on-year net income from 2024 to 2025 in the low double-digit range. Over the medium term (2026-2029), it expects a net income CAGR in the high single digit range. 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. The company is targeting 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. 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 (Dh3.7 billion) acquisition of 80 per cent of Navig8, significantly enhancing our global reach and operational capabilities. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a five per cent 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.' 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 Dh1 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.' 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 per cent reduction in carbon intensity compared with the previous year, with a 56 per cent 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. Adnoc L&S achieved an 11 per cent reduction in carbon intensity in 2024 compared to the previous year, with a 56 per cent reduction in fleet emissions since 2019. 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, optimise operations, and reduce delays.
Trade Arabia
19-02-2025
- Business
- Trade Arabia
Premier Marine delivers first locally-built cargo barge to Adnoc L&S
In a significant milestone for the UAE's shipbuilding industry, Premier Marine Engineering Services has delivered its first locally built cargo barge to Adnoc Logistics and Services (Adnoc L&S), a global energy maritime logistics company. The barge, Adnoc B20, marks the beginning of a long-term partnership between the two companies under a five-year contract to produce multiple multi-purpose barges, including the delivery of eight cargo barges in 2025 during the first phase of the agreement. The delivery underscores the UAE's growing capability in marine engineering and shipbuilding as Adnoc B20, a 250-foot flat top barge to service Engineering, Procurement and Construction projects, was constructed entirely within the country. Handover ceremony The official handover ceremony took place at the UAQ Shipyard and was attended by Markus DeJonge, Vice President of Mobile Offshore Solutions & Projects at Adnoc L&S, and Hemant Tandon, Managing Director of Premier Marine Engineering Services, alongside key officials, industry leaders, and guests. 'We take pride in fostering long-term partnerships with our clients like Adnoc L&S by delivering customized, timely, and sustainable solutions that uphold the highest standards,' said Tandon. 'Together with Adnoc L&S, we are shaping the future of the UAE's maritime industry, driving progress, and contributing to the UAE economy. We are proud to say that we have delivered the Adnoc B20 ahead of schedule.' Maritime capabilities Highlighting the significance of the partnership, DeJonge said: 'We are pleased to receive this first barge from Premier Marine ahead of schedule, which supports our ongoing fleet expansion strategy. Built entirely in the UAE, this barge showcases the country's shipbuilding and maritime capabilities and highlights our commitment to driving local industrial growth.' Adnoc L&S, a fully integrated global energy maritime logistics leader, plays a critical role in the UAE's energy sector, providing specialized logistics and transportation services. Premier Marine remains dedicated to environmental sustainability, leveraging advanced technologies and expertise to drive progress in the maritime sector.
