ADNOC L&S plc delivers strong full-year results and exceptional year-on-year growth
Navig8 acquisition, announced in January 2025, marks key milestone in ADNOC L&S' global expansion, strengthening fleet and service portfolio
Significant investment in the Integrated Logistics segment adds 20 offshore assets to meet growing demand
Investment in 23 energy-efficient LNGCs, VLACs, and VLECs bolsters ADNOC L&S' commitment to decarbonization
Growth journey continues during 2024 with more than $4 billion in value-accretive investments committed, along with 340 years of incremental contracted income
Abu Dhabi, UAE: ADNOC Logistics and Services plc (ADNOC L&S / the Company) (ADX symbol ADNOCLS / ISIN AEE01268A239), a global energy maritime logistics leader, today announced its fourth quarter ('Q4') and full-year 2024 financial results.
ADNOC L&S revenue for the year was $3,549 million (AED13,035 million), up 29% compared to 2023. EBITDA rose by 31% to $1,149 million (AED4,219 million) in the same period driven by robust performance across all business segments, sustaining EBITDA margins at 32%. Net profit for the year was $756 million (AED2,777 million), equating to $0.10 (AED0.38) per share, an increase of 22% compared to the previous year.
The Company's Q4 revenue increased by 6% year-on-year (y-o-y) to $881 million (AED3,237 million), with EBITDA up by 17% y-o-y to $282 million (AED1,035 million). Net profit for Q4 grew 9% y-o-y to $180 million (AED660 million).
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: 'We have delivered strong growth in financial returns to shareholders once again in 2024, driven by robust performance across all business segments. This year has been characterised by investing in the internationalization of our business platform, the addition of new vessel types focused on transition fuels, and the growth of our large integrated logistics business. Today ADNOC L&S is a larger, stronger, more international business and one of the leading energy maritime logistics companies in the world. Our growth story continues into 2025 and beyond with more than $6 billion highly value-accretive growth opportunities committed since IPO, mostly against long-term contracts'.
Segmental Financial Performance for FY 2024
Revenues from the Integrated Logistics segment increased to $2,281 million (AED8,377 million), up 40% on FY 2023. The increase was driven by volume growth in the Integrated Logistics Services Platform (ILSP) and strong growth in third party offshore logistics services; major progression of Engineering, Procurement and Construction (EPC) projects in particular the contribution of the G-Island project; accelerated Hail & Ghasha project delivery; the improved utilization of, and rates earned for Jack-Up Barges (JUBs), coupled with fleet growth strengthening the GCC expansion. Integrated Logistics' EBITDA rose by 30% to $687 million (AED2,522 million) for the full year 2024 against 2023.
Revenues from the Shipping segment increased 14% to $956 million (AED3,511 million), driven by strong charter rates for Dry Bulk and Tankers in H1 2024, coupled with additional revenue from the four new Very Large Crude Carriers (VLCCs) acquired in 2023; and the LNG vessel 'Shahamah' contracted at a higher rate for 2024 compared to 2023; partially offset by a smaller charter-in fleet. Shipping EBITDA increased 24% to $396 million (AED1,456 million) for FY 2024, contributing to a three-percentage point expansion in EBITDA margin to 41%.
Revenues from the Services segment increased 10% to $312 million (AED1,147 million) compared to FY 2023. This segment generated an EBITDA of $56 million (AED206 million), up 26% y-o-y, mainly powered by increased volumes in petroleum ports and onshore terminal operations.
Strategic Update
In 2024, ADNOC L&S continued to advance its growth strategy. In January 2025, the Company closed its previously announced acquisition of an 80% stake in Navig8 for ~$1billion (AED3.7 billion) which includes a contractual commitment to acquire the remaining 20% in mid-2027. This value-accretive transaction is expected to boost earnings per share by at least 20% in 2025 compared to 2024, unlocking $20 million per annum in synergies from 2026. The transaction adds a modern fleet of 32 tankers and expands ADNOC L&S' service portfolio including commercial pooling and bunkering. This milestone marks the next phase in the Company's growth journey, building on the successful integration of ZMI Holdings (ZMI) while reinforcing its leadership in global energy maritime logistics.
During the year, the Company also vastly strengthened its future earnings base by adding 340 years of newly contracted revenues against newly ordered energy-efficient vessels. The Company awarded shipbuilding contracts of up to $2.5 billion (AED9.2 billion) for up to 10 new Liquified Natural Gas Carriers (LNGC's), $1.4 billion (AED5 billion) for nine Very Large Ethane Carriers (VLECs) through AW Shipping, and approximately $500 million (AED1,836 million) for four Very Large Ammonia Carriers (VLACs). The committed LNGCs and VLECs have been time chartered for 20 years each, adding more than 340 years of contracted income. In November 2024, the Company took delivery of the first of six 2022-ordered newbuild liquified natural gas carriers (LNGCs) two months ahead of schedule. Immediately after delivery this LNGC went on hire with a top-tier, global energy trader.
The Company made significant investments in its Integrated Logistics segment this year, adding key support and supply vessels that will unlock global growth opportunities. Jack-Up Barges were among the highest-performing asset types in the segment. Through its subsidiary ZMI, ADNOC L&S secured hire contracts for the deployment of 19 JUBs. Three additional shallow water JUBs were acquired in 2024 to enhance the Company's offerings in the UAE and Saudi Arabia.
Technology and AI Adoption
ADNOC L&S is at the forefront of integrating AI-enabled technology to revolutionize digital maritime solutions. The extension of AI-enhancements to the Integrated Logistics Management System (ILMS) is expected to significantly improve fleet optimization and utilization, in turn delivering improved carbon intensity. These advanced technologies empower mariners to optimize fuel efficiency, streamline supply chain operations, and minimize waste throughout the supply chain. The Company's commitment to AI-enabled technology extends to the development of autonomous and remotely operated vessels, designed for versatile and efficient maritime operations. These vessels enhance operational efficiency and reduce the need for multiple specialized vessels, contributing to a lower environmental footprint and supporting ADNOC's sustainability goals.
Sustainability and Decarbonization
ADNOC L&S has made significant strides in accelerating decarbonization within the maritime logistics sector, achieving a 2024 reduction in its ocean-going fleet's carbon intensity by more than 11% from the previous year, and a remarkable 56% reduction since 2019. ADNOC L&S' strategic investments are aimed at setting new global benchmarks for sustainable shipping practices, demonstrating the Company's leadership in driving the industry towards a greener future.
Outlook
The Company's guidance for 2025 and medium-term guidance, now including the contribution of Navig8 and the Integr8 joint-control activity from 8 January 2025 is as follows:
• Group Revenues: The Company anticipates y-o-y revenue growth from 2024 to 2025 in the mid to high 40% range. Over the medium term (2026-2029), the Company expects to deliver a revenue CAGR in the low single digit range.
• Group EBITDA: The Company expects y-o-y EBITDA growth from 2024 to 2025 in the high teens. In the medium term (2026-2029), the Company targets an EBITDA CAGR in the high single digit range.
• Group Net Income: The Company anticipates y-o-y net income from 2024 to 2025 in the low double-digit range. Over the medium term (2026-2029), the Company expects a net income CAGR in the high single digit range.
• Growth Investments: After delivering significant committed growth in 2024, both organic and inorganic, the Company maintains its capital expenditure guidance, reflecting its commitment to long-term growth and strategic expansion. ADNOC L&S still anticipate an additional $3 billion+ of value-accretive organic investment spend by 2029, beyond the projects already announced and incorporated in guidance, applying the same investment return criteria.
• Dividend Policy: Remains unchanged with a projected total dividend payable for 2025 of $287 million (a 5% increase from 2024 annualized dividend), in line with the stated progressive dividend policy and subject to relevant approvals.
• Capital Structure: The Company targets a 2.0-2.5x net debt / EBITDA ratio over the medium term, with the recently committed Hybrid Capital Instrument, debt, and free cash flows after dividends, the primary funding sources for committed and anticipated growth investment.
About ADNOC Logistics & Services
ADNOC Logistics & Services Plc, listed on the Abu Dhabi Securities Exchange (ADX symbol ADNOCLS / ISIN AEE01268A239) is a global energy maritime logistics company based in Abu Dhabi. Through its three business units, Integrated Logistics, Shipping and Services, ADNOC L&S delivers energy products to more than 100 customers in over 50 countries.
To find out more, visit: www.adnocls.ae
For media enquiries, please contact media@adnocls.ae
For investors enquiries, please contact: IR@adnocls.ae
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