ADNOC L&S Shareholders Agree to Pay $137M in Cash Dividends

BY THE ARAB TODAY Mar 26, 2025

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ADNOC L&S Shareholders Agree to Pay $137M in Cash Dividends

ADNOC Logistics and Services (ADNOC L&S) shareholders have agreed to pay a final dividend of $136.5 million (AED 501.3 million). This brings the total dividend for 2024 to $273 million (AED 1 billion).

Strong Financial Performance

ADNOC L&S announced on Tuesday that its cash dividend grew by 5% compared to last year. This increase, approved in its annual general meeting (AGM) on Monday, follows the company’s plan to steadily raise dividends. The final dividend of 6.78 fils per share will be given to shareholders listed as of April 3, 2025.

The Abu Dhabi-based maritime logistics company reported a 29% rise in revenue for 2024, reaching $3.5 billion (AED 13 billion). Net profit also increased by 22% to $756 million (AED 2.8 billion). This growth was driven by strong demand, smart acquisitions, and efficient operations.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 31%, showing its ability to grow while staying profitable. Since going public in 2023, its stock price has jumped 178%.

Expanding Fleet and Sustainability Efforts

In 2024, ADNOC L&S expanded its fleet, adding 21 new environmentally friendly ships with low-emission engines. It also received its first of six new LNG carriers, with another expected in May 2025.

The company cut carbon intensity by 11% in 2024 and reduced fleet emissions by 56% since 2019, supporting ADNOC’s clean energy goals.

Its Integrated Logistics unit secured contracts for 19 jack-up barges and acquired 20 offshore assets, strengthening its leadership in offshore logistics.

Key Statement

“We have strengthened our fleet and made a major $1 billion (AED 3.7 billion) deal to buy 80% of Navig8, expanding our global operations,” said ADNOC L&S Chairman Sultan Al Jaber, who ranks second on Forbes Middle East’s Top CEOs 2024 list.

Future Outlook

ADNOC L&S expects revenue to grow by 40%+ in 2025.
From 2026-2029, revenue growth is expected to be steady but lower.
EBITDA is forecasted to grow in the high teens for 2025 and at a slower rate in the following years.
Net income is expected to increase by low double digits in 2025, with slower growth afterward.
The company plans to invest an extra $3 billion in new projects by 2029.