ADNOC L&S Shareholders Approve $273M Dividend Payout for 2024

Photo: WAM

ADNOC Logistics & Services Plc (ADNOC L&S) announced that its shareholders have approved all agenda items during the company’s Annual General Meeting (AGM). One of the key highlights was the approval of a final dividend payment of $136.5 million (AED 501.3 million). This brings the total dividend payout for 2024 to $273 million (AED 1,001 million), reflecting a 5% increase compared to the previous year. The dividend aligns with the company’s policy of gradually increasing shareholder returns.

Shareholders on record as of April 3, 2025, will receive the final dividend, which amounts to 6.78 fils per share.

Transformative Year with Bold Moves

Dr. Sultan Al Jaber, Chairman of ADNOC L&S, described 2024 as a turning point for the company. He highlighted significant global expansion, record-breaking financial results, and major strategic deals.

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“We strengthened our fleet and made a game-changing acquisition by purchasing 80% of Navig8 for $1 billion (AED 3.7 billion). This move expanded our international presence and boosted our operational abilities. Thanks to this strong performance, we were able to deliver greater value to our shareholders, including a 5% increase in our dividend, while also driving progress in sustainability, innovation, and industry leadership,” Dr. Al Jaber stated.

He emphasized that ADNOC L&S is on track for further growth, backed by organic expansion, smart acquisitions, and investments in cutting-edge technology.

“With more next-generation vessels and a focus on efficiency and sustainability, we are committed to delivering ADNOC’s energy to the world. At the same time, we will continue to support the UAE’s economic goals. The momentum we’ve built sets the stage for an even more exciting future,” he added.

Strong Financial Performance

In 2024, ADNOC L&S saw remarkable financial growth, driven by high market demand, smart acquisitions, and efficient operations.

• Revenue jumped 29% year-on-year, reaching over $3.5 billion (AED 13 billion).

• Net profit increased by 22% to $756 million (AED 2.7 billion).

• EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 31%, showing the company’s ability to scale up while staying profitable.

Since its IPO in 2023, ADNOC L&S shares have surged by 178%, significantly outperforming the ADX stock exchange. This growth has boosted investor confidence in the company’s long-term strategy.

CEO Highlights Continued Success

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said the company is well-prepared for ongoing success.

“We are firmly committed to growth, both through expanding our current operations and making smart acquisitions. This approach will continue to deliver value to our customers, shareholders, and the UAE,” he said.

He also stressed the company’s dedication to developing Emirati talent and supporting the UAE economy. In 2024, ADNOC L&S invested nearly AED 1 billion in workforce development and local partnerships. The company remains a major contributor to ADNOC’s In-Country Value (ICV) programme, which aims to nurture future maritime industry leaders.

Fleet Expansion and Sustainability Efforts

In 2024, ADNOC L&S executed one of the industry’s largest fleet expansion programmes. The company added 21 new environmentally friendly vessels, featuring low-emission, dual-fuel engines.

It also received the first of six new LNG carriers, with the second expected in May 2025.

In line with ADNOC’s broader decarbonization goals, the company reduced its carbon intensity by 11% compared to the previous year. Since 2019, it has achieved a 56% reduction in fleet emissions.

Offshore Logistics Expansion

The company’s Integrated Logistics business also saw significant growth. ADNOC L&S secured contracts to deploy 19 jack-up barges and acquired 20 offshore assets. These moves strengthen the company’s leadership in offshore logistics and support ADNOC’s broader energy growth plans.