{"id":72583,"date":"2023-08-07T00:00:00","date_gmt":"2023-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/07\/newly-listed-adnoc-ls-reports-a-327-y-o-y-surge-in-revenues-in-1h-2023\/"},"modified":"2023-08-07T00:00:00","modified_gmt":"2023-08-07T00:00:00","slug":"newly-listed-adnoc-ls-reports-a-327-y-o-y-surge-in-revenues-in-1h-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/07\/newly-listed-adnoc-ls-reports-a-327-y-o-y-surge-in-revenues-in-1h-2023\/","title":{"rendered":"Newly listed Adnoc L&S reports a 327% y-o-y surge in revenues in 1H 2023"},"content":{"rendered":"

The UAE\u2019s state-owned Abu Dhabi National Oil Company\u2019s (Adnoc) logistics arm, <\/strong>Adnoc L&S<\/a><\/strong>, reported a 189% <\/strong>y-o-y<\/strong> jump in net income to USD 162 mn in <\/strong>2Q 2023<\/strong>, according to its first earnings release (pdf)<\/a> since its IPO in June. Net revenues during the period also saw a 43% y-o-y rise to USD 632 mn. The company recorded a 327% y-o-y surge in net income to USD 307 mn during 1H 2023, while revenues rose 62% y-o-y to USD 1.2 bn. <\/p>\n

Driving the surge in revenues: <\/strong>The increase was driven by the acquisition<\/a> of Zakher Marine<\/a> International<\/a>, as well as the expansion of its service offerings and the upward trend in shipping rates, the earnings release said. <\/p>\n

The breakdown:<\/strong> Adnoc L&S\u2019 integrated logistics segment saw the biggest boost to revenues, with a 136% y-o-y jump to USD 729 mn during 1H 2023, driven mainly by new barges and support fleet acquired from Zakher Marine. Marine service revenues during the half saw a 19% y-o-y rise to USD 88 mn in 1H 2023, driven by one-off equipment services and higher volumes managed. The shipping segment also grew 9% y-o-y to USD 408 mn, boosted by the entry of two new charters into service to leverage rising spot rates. <\/p>\n

Looking ahead: <\/strong>The company is targeting \u201cmid-to-high single digit growth\u201d in revenues y-o-y in the medium term, the earnings release said.<\/p>\n

Background:<\/strong> This marks the company\u2019s first financial report since its historic IPO<\/a> in June, which saw the company raise USD 769 mn following a bookbuilding process that saw record demand. <\/p>\n","protected":false},"excerpt":{"rendered":"

The solid earnings report comes off the back of its historic June IPO<\/p>\n","protected":false},"author":1,"featured_media":72584,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[174,17,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-72583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterprise-logistics","tag-shipping-maritime","wpautop","entry"],"acf":{"mongo_id":"1c142ee1-86a9-4a1e-827f-be71a9d0ea78","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/238.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"Newly listed Adnoc L&S L&S reports a 327% y-o-y surge in revenues in 1H 2023","related_issue":[72571],"teaser":"The solid earnings report comes off the back of its historic June IPO","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.078847fa-b211-49ca-9804-4cfc510eeac9.mp3"},"yoast_head":"\nNewly listed Adnoc L&S reports a 327% y-o-y surge in revenues in 1H 2023 - 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