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ADNOC Logistics & Services Plc (ADNOC L&S) on Tuesday announced shareholder approval of all agenda items at its Annual General Meeting, including a final dividend of $136.5 million (AED501.3 million), bringing the 2024 full-year dividend to $273 million (AED1,001 million), a 5 percent increase year-on-year, in line with ADNOC L&S’ progressive dividend policy.
The final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on record as of 3rd April 2025.
Dr Sultan Al Jaber, Chairman of ADNOC L&S, said, “2024 was a transformative year for ADNOC L&S, marked b
accelerated global expansion, record financial performance, and bold strategic moves.”
“We continued to strengthen our fleet and completed a pivotal $1.0 billion (AED3.7 billion) acquisition of 80 percent of Navig8, significantly enhancing our global reach and operational capabilities. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a 5 percent increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership.”
He added that ADNOC L&S is positioned for continued growth, driven by organic expansion, strategic acquisitions, and cutting-edge technology investments.
“With a growing fleet of next-generation vessels and a steadfast commitment to efficiency and sustainability, we remain focused on delivering ADNOC’s energy to the world while contributing to the UAE’s economic ambitions. The momentum we have built sets the stage for an even more exciting future,” Dr Al Jaber stated.
ADNOC L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency.
Revenue increased 29 percent year-on-year to over $3.5 billion (AED13 billion), while net profit rose 22 percent to $756 million (AED2.7 billion).
EBITDA grew 31 percent year-on-year, reflecting ADNOC L&S’ ability to scale operations while maintaining profitability.
Since its 2023 IPO, the company’s share price has increased by 178 percent, significantly outperforming the ADX and strengthening investor trust in ADNOC L&S’ long-term strategy.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said, “ADNOC L&S is well-positioned for continued success. We are unwavering in our commitment to growth, both organic and through strategic acquisitions, and this will continue to deliver value to customers, shareholders, and the UAE.
“We are equally committed to developing Emirati talent and supporting the UAE economy, having invested nearly AED1 billion in workforce development and local partnerships in 2024. ADNOC L&S remains a key contributor to ADNOC’s In-Country Value (ICV) programme, fostering the next generation of maritime industry leaders.”
In 2024, ADNOC L&S continued executing one of the industry’s largest fleet expansion programmes, securing 21 new environmentally efficient vessels equipped with low-emission dual-fuel engines. The company also took delivery of its first of six newbuild LNG carriers, with the second expected in May 2025.
In 2024, the company achieved an 11 percent reduction in carbon intensity compared with the previous year, with a 56 percent reduction in fleet emissions since 2019, aligning with ADNOC’s broader decarbonization objectives.
The Integrated Logistics business segment saw significant expansion, securing hire contracts for 19 jack-up barge deployments and acquiring 20 offshore assets. These developments reinforce ADNOC L&S’ leadership in offshore logistics, supporting ADNOC’s broader energy growth strategy.