Adnoc L&S posts another strong quarter following June IPO: The UAE’s state-owned Abu Dhabi National Oil Company’s (Adnoc) logistics arm, Adnoc Logistics & Services, reported a 46% y-o-y increase in its bottom line to USD 148 mn in 3Q 2023, according to its earnings release (pdf). Revenues during the period also saw a 30% y-o-y rise to USD 702 mn, mainly driven by strong growth in the logistics segment. On a 9M basis, the company recorded a 162% y-o-y surge in net income to USD 455 mn, while revenues rose 49% y-o-y to USD 1.9 bn in 9M 2023, according to the release.

The breakdown: Adnoc L&S’ integrated logistics segment reported a 108% y-o-y increase to USD 1.2 bn during 9M 2023, following the acquisition of Zakher Marine International Holdings (ZMI) and expansions to its offerings. Marine service revenues also grew 9% y-o-y to USD 134 mn, while the shipping segment only grew 1% y-o-y to USD 608 mn, according to the release. Also driving the increase in revenues was strong shipping and jack-up barge segment performance, cost controls and efficiency improvements, and additions to its fleet. The revenues were also underpinned by robust charter rates for tankers and gas carriers, according to the release.

Looking ahead: The company is targeting “mid-to-high single-digit growth” in revenues y-o-y in the medium term, the earnings release stated.

REMEMBER- The group made its historic IPO in June 2023, which saw the company raise USD 769 mn following a book building process that saw record demand.

OTHER EARNINGS NEWS -

Hungarian low-cost carrier Wizz Air recorded a 204% y-o-y increase in its net income to EUR 400.7 mn in 1H 2023, with a five fold 2Q y-o-y increase to EUR 339.6 mn, according to an earnings release (pdf). Its revenues during 1H 2023 rose 39% y-o-y to EUR 3 bn, on the back of record high traffic of 33 mn passengers in 1H 2023. The airline expanded its fleet with 18 new A321neo aircraft, 10 A320ceo aircraft, as well as expanded its network of routes, according to the release.

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