Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) reported a 34% year-on-year (YoY) leap in net profit to $194 million (AED 712 million) in the first quarter (Q1) of 2024 from $145 million (AED 533 million).

Revenues soared 42% YoY to $840 million (AED 3.08 billion) in Q1-24 from $592.17 million (AED 2.17 billion), according to a press release.

The basic and diluted earnings per share (EPS) hit $0.03 (AED 0.11) in the three-month period that ended on 31 March 2024, up from $0.02 (AED 0.07) in the same period a year earlier.

Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “ADNOC L&S has started 2024 by delivering another set of strong financial results, building on our record-breaking public listing and the robust growth we achieved in 2023.”

“Moving forward, the company remains steadfast in its commitment to deploying more than $5 billion in value-accretive growth investment over the medium term and leveraging AI technologies to support our operational efficiency, safety, and sustainability goals,” Al Masabi promised.

ADNOC L&S expects to achieve a 30% YoY surge in revenues and earnings before interest, taxes, depreciation, and amortisation (EBITDA) during 2024.

In 2023, ADNOC L&S posted a 138% YoY surge in net profit to $620 million (AED 2.27 billion) and a 41% YoY hike in revenues to $2.75 billion (AED 10.11 billion).