PHOTO
ADNOC Logistics & Services (ADNOC L&S) posted a net profit of $147.7 million in Q3 2023, 46% higher compared with the year-earlier period.
The effort was a shade higher than analysts’ mean estimate of $146 million, according to LSEG data.
The ADNOC subsidiary, which listed on the Abu Dhabi Securities Exchange in June this year, said in a statement on Monday that revenue came in at $702 million versus $539 million in the same quarter of 2022. It expects to grow revenue in the medium term.
The jump was driven by the rise in share of profit from the Zakher Marine International Holdings’ acquisition in Q4 2022, the expansion in services activities along with healthy charter rates for the company's tankers & gas carriers, it added.
The company expects to increase annual dividend on a progressive basis by at least 5% annual growth over the medium term against the annualised 2023 dividend. It paid a dividend of $65 million for Q2 2023 and is set to pay a final dividend in Q2 2024 for H2 2023.
ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers.
(Reporting by Brinda Darasha; editing by Seban Scaria)
