Adnoc Logistics & Services (Adnoc L&S) has approved all agenda items at its Annual General Meeting, including a final dividend of $136.5 million, bringing the 2024 full-year dividend to $273 million, a 5% increase year-on-year, in line with the company's progressive dividend policy. The final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on April 3, 2025.

Dr Sultan Al Jaber, Chairman of Adnoc L&S, said: “2024 was a transformative year for Adnoc L&S, marked by accelerated global expansion, record financial performance, and bold strategic moves. We continued to strengthen our fleet and completed a pivotal $1.0 billion) acquisition of 80% 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% increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership.

“As we look ahead, 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.”

Adnoc L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency. Revenue increased 29% year-on-year to over $3.5 billion, while net profit rose 22% to $756 million.

EBITDA grew 31% 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%, 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) program, fostering the next generation of maritime industry leaders.” -TradeArabia News Service