Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) generated net profits valued at $401 million in the first half (H1) of 2024, higher by 31% than $307 million in H1-23.

The revenues hiked by 42% year-on-year (YoY) to $1.74 billion in H1-24 from $1.22 billion, according to the consolidated financial results.

Earnings per share (EPS) hit $0.05 as of 30 June 2024, an annual surge of 28% from $0.04.

Income Results for Q2

During the second quarter (Q2) of 2024, ADNOC L&S achieved $208 million in net profit, up 28% from $162 million in Q2-23.

Revenues hiked by 42% to $899 million in April-June 2024 from $632 million a year earlier, while the EPS went up to $0.03 from $0.02.

Quarterly, the Q2-24 net profits climbed by 7% from the $194 million generated in January-March 2024, while the revenues also jumped by 7% from $840 million.

Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “The sustained execution of our transformational growth strategy is driving our financial performance across all business segments with strong growth in revenues and net profit.”

“To meet the growing demand for low-carbon energy sources in the UAE and beyond, we have continued to expand our market-leading fleet through significant new energy-efficient vessel construction contracts and geographical expansion through our acquisition of Navig8,” Al Masabi mentioned.

He added: “We will continue to target value-accretive investments to serve an increasing global customer base and deliver long-term value to our shareholders.”