ADNOC Logistics and Services Company's net profits jumped by 46 percent in the third quarter of this year, reaching 544 million UAE dirhams ($148 million), according to a statement on Monday.
The company, listed on the Abu Dhabi Securities Market, said that its revenues in the third quarter rose by 30 percent year-on-year to reach 2.6 billion dirhams ($702 million), mainly driven by strong growth in the integrated logistics services sector.
Over the first nine months of the year, the company's net profits jumped by 162 percent to reach about 1.67 billion dirhams ($455 million), equivalent to 0.23 UAE dirhams ($0.06) per share. The company's revenues increased in the same period to about 7 billion dirhams ($1.927 billion), an increase of 49 percent compared to the same period in 2022.
ADNOC Logistics and Services said that these strong results are based on the high performance of the shipping markets and offshore outsourcing platforms, in addition to targeted improvements in operational efficiency and cost management.
The company confirmed its commitment to achieving profitable returns for its shareholders by distributing temporary cash dividends worth 239 million UAE dirhams ($65 million) for the second quarter of 2023.
It is noteworthy that ADNOC Logistics and Services, headquartered in Abu Dhabi, works in the field of marine energy logistics services, and is one of ADNOC’s subsidiaries, and was listed on the Abu Dhabi Stock Exchange in June 2023.
