ADNOC, the UAE, announced its intention to offer a minority stake representing 15 percent of the shares of ADNOC Logistics and Services plc (ADNOC Supply and Services), the company operating in the field of shipping and integrated maritime logistics for the energy sector, on the Abu Dhabi Stock Exchange.
It is expected that the subscription to the offering shares will start on May 16, 2023, and this is subject to obtaining the approvals of the relevant regulatory authorities and other considerations, according to an official statement, which was viewed by the Sky News Arabia economy website.
ADNOC Logistics and Services has a proven track record in achieving growth at the local and international levels, achieving operational excellence and effective cost control, which enabled it to achieve significant profits and strong financial results.
According to the unaudited financial results, which reflect the acquisition of Zakher Marine International in 2022, the company's revenues are estimated at 8.4 billion dirhams (about $2.3 billion), while adjusted earnings before interest, taxes, depreciation and amortization are estimated at 2.2 billion dirhams (about $599.3 million). ) for the year ending December 31, 2022, and the company's revenue increased at a compound annual growth rate of more than 20 percent during the period from 2017 to 2022.
