Adnoc L&S saw its net income more than double in 2023 to USD 620 mn

Adnoc Logistics and Services (Adnoc L&S) saw its bottomline more than double in 2023, up 138% y-o-y to USD 620 mn, the company said in an earnings release (pdf). Adnoc L&S’ topline also climbed 41% y-o-y to USD 2.7 bn during the period.

Behind the numbers: The company attributed the improved performance to boosted revenues from core operations in its integrated logistics division which saw an 88% y-o-y to USD 1.74 bn, on the back of the recent acquisition of Zakher Marine International (ZMI) and new Engineering, Procurement and Construction (EPC) contracts for dredging, land reclamation, and marine construction of an artificial island for the Lower Zakum offshore field. The company also saw a slight 6% y-o-y uptick in revenues from marine services to USD 177 mn, driven by higher volumes at petroleum terminals, the statement said.

On a quarterly basis: Adnoc L&S saw its net income increase 89% y-o-y to USD 165 mn in 4Q 2023, while revenues climbed 26% y-o-y to USD 828 mn.

Some highlights this year: The company raised USD 769 in a landmark IPO in May 2023 that saw the company’s 19% stake offering 163x oversubscribed during bookbuilding. The company also boosted its barge fleet 25% through its acquisitions of ZMI late last year and took delivery of four newbuild VLCCs.