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ADNOC L&S registers $145m net profits in Q1-23

ADNOC L&S registers $145m net profits in Q1-23
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Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S), the maritime logistics arm of ADNOC Group, posted net profits after tax amounting to $144.92 million in the first quarter (Q1) of 2023.

The generated net profits were higher than $16.23 million in Q1-22, according to the interim consolidated financial results.

Revenues enlarged to $592.17 million during the first three months (3M) of 2023, versus $312.95 million in the year-ago period.

Meanwhile, the total assets reached $4.72 billion in Q1-23, compared to $4.50 billion as of 31 December 2022.

ADNOC L&S will list on Abu Dhabi Securities Exchange (ADX) under the trading symbol ADNOCLS on Thursday, 1 June 2023.

Last March, the company launched its integrated logistics services platform (ILSP) to boost logistics and maritime operations at its base in Mussafah.