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ADNOC Logistics & Services (ADNOC L&S) posted a Q2 2024 net profit of $208 million, 7% higher year-on-year (YoY) driven by growth in all its business segments--integrated logistics, shipping, and marine services.
The net profit beat analysts’ mean estimate of $200 million, according to LSEG data.
Revenue for Q2 2024 was $899 million, up 42% YoY, a regulatory filing on ADX showed on Wednesday.
In H1 2024, the ADNOC subsidiary posted a net profit of $401 million versus $307 million in the year-ago period.
Free cash flows reached $308 million in H1, up $223 million from $85 million in 1H 2023.
ADNOC L&S revised its 2024 outlook upwards and now expects net income to grow in the low 20% range, and revenue in the low-to-mid 30% range.
Dividend policy is unchanged with a projected total dividend payable for 2024 of $273 million (5% increase from 2023 annualized dividend), payable 50% for H1 2024 in Q4 2024, subject to approvals.
(Reporting by Brinda Darasha; editing by Seban Scaria)