ADNOC Logistics & Services (ADNOCLS) Q4 2024 earnings summary

Executive summary

• Revenue increased to USD 3,549 million for 2024, up 29% year-over-year from USD 2,755 million.

• Net profit rose to USD 756 million, a 22% increase compared to USD 620 million in 2023.

• Retained earnings reached USD 899 million, up from USD 411 million at the end of 2023.

• Board proposed a final cash dividend of USD 136.5 million for Q2 2025.

• Major acquisition of 80% stake in Navig8 TopCo Holdings Inc. for USD 999.3 million completed in January 2025.

Financial highlights

• Gross profit for 2024 was USD 941 million, up from USD 752 million in 2023.

• Operating profit increased to USD 817 million from USD 614 million year-over-year.

• Basic and diluted EPS rose to USD 0.10 from USD 0.08.

• Cash and cash equivalents at year-end were USD 199 million, down from USD 216 million.

• Total assets grew to USD 7.0 billion from USD 5.7 billion.

Outlook and guidance

• Board proposed a final cash dividend of USD 136.5 million for Q2 2025.

• Acquisition of Navig8 expected to enhance global shipping capabilities and future earnings.

• Hybrid Capital Instrument signed in January 2025, providing up to USD 2.0 billion in additional funding.