ADNOC L&S Shareholders Approve $273 Million Dividend Following Record-Breaking 2024 Performance and Strategic Global Expansion
2024 Final Dividend of $136.5 Million Approved, Elevating Full-Year Dividend by 5% Year-on-Year in Line with Progressive Dividend Policy
Fleet Expansion, Technological Innovation, and Sustainability Leadership Drive Unprecedented Growth
ADNOC Logistics & Services Plc (ADNOC L&S or the Company) (ADX symbol: ADNOCLS / ISIN: AEE01268A239), a leading global energy maritime logistics company, today announced that its shareholders have overwhelmingly approved all agenda items at its Annual General Meeting (AGM), including the authorization of a final cash dividend of $136.5 million (AED501.3 million). This brings the Company’s total dividend for the 2024 fiscal year to $273 million (AED1,001 million), marking a 5% increase compared to the previous year. The final dividend, equivalent to 6.78 fils per share, will be distributed to all shareholders of record as of April 3, 2025.
The dividend growth reflects ADNOC L&S’s commitment to delivering sustainable shareholder returns in line with its progressive dividend policy, which aims to provide predictable and growing payouts over time, underpinned by strong financial performance and strategic execution.
2024: A Year of Historic Growth and Strategic Milestones
His Excellency Dr. Sultan Al Jaber, Chairman of ADNOC L&S, commented:
“2024 was truly a transformative year for ADNOC L&S, characterized by accelerated global expansion, record financial achievements, and decisive strategic moves. Our growth journey was propelled by strengthening and modernizing our fleet, culminating in the pivotal $1.0 billion (AED3.7 billion) acquisition of an 80% stake in Navig8, one of the world’s largest independent pool and commercial management companies. This acquisition significantly amplified our global footprint and operational capabilities.”
He continued:
“Our outstanding results for the year enabled us to deliver superior value to our shareholders, reflected in the 5% increase in our full-year dividend. At the same time, we continued to lead in innovation, sustainability, and operational excellence. As we look toward the future, ADNOC L&S is well-positioned to maintain and extend its leadership, leveraging organic growth, strategic acquisitions, and cutting-edge technological investments to drive sustained value creation. With our expanding fleet of next-generation, environmentally efficient vessels and our unwavering commitment to operational excellence, we remain focused on delivering ADNOC’s energy resources to global markets while actively supporting the UAE’s economic diversification and Net Zero ambitions.”
Record Financial Results Underpin Growth Strategy
In 2024, ADNOC L&S achieved extraordinary financial growth, driven by a combination of strong market fundamentals, strategic acquisitions, operational efficiency, and disciplined cost management. The Company’s revenue surged by 29% year-over-year to exceed $3.5 billion (AED13 billion). Net profit rose by an impressive 22% to reach $756 million (AED2.7 billion), while EBITDA expanded by 31%, showcasing the Company’s ability to scale operations profitably even amid evolving market dynamics.
Since its landmark initial public offering (IPO) in 2023, ADNOC L&S’ share price has appreciated by an outstanding 178% (as of December 31, 2024), significantly outperforming the Abu Dhabi Securities Exchange (ADX) benchmark index and reinforcing investor confidence in the Company’s long-term strategy and growth trajectory.
Captain Abdulkareem Al Masabi, Chief Executive Officer of ADNOC L&S, stated:
“Our exceptional 2024 performance underscores ADNOC L&S’s unwavering commitment to operational excellence, strategic growth, and shareholder value creation. We remain resolute in pursuing opportunities for both organic growth and transformative acquisitions that complement our portfolio and enhance our capabilities.”
He added:
“Beyond financial performance, we are deeply committed to supporting national priorities, including the development of Emirati talent and economic growth. In 2024 alone, we invested nearly AED1 billion into workforce development, training initiatives, and partnerships with local enterprises. Through our active participation in ADNOC’s In-Country Value (ICV) program, we are nurturing the next generation of maritime and logistics industry leaders while reinforcing our role as a key pillar of the UAE economy.”
Strategic Fleet Expansion and Sustainability Milestones
2024 also marked a pivotal year for ADNOC L&S’s fleet modernization and expansion initiatives. The Company secured 21 new environmentally efficient vessels, each equipped with advanced low-emission dual-fuel engines that support ADNOC’s wider decarbonization roadmap. These vessels are designed to reduce greenhouse gas emissions, enhance fuel efficiency, and ensure compliance with the International Maritime Organization’s (IMO) increasingly stringent environmental standards.
Among the highlights of the year was the successful delivery of ADNOC L&S’s first newbuild LNG carrier from an orderbook of six vessels, with the second carrier scheduled for delivery in May 2025. These state-of-the-art LNG carriers will play a critical role in expanding ADNOC’s ability to transport low-carbon energy globally.
ADNOC L&S achieved remarkable environmental performance improvements in 2024, realizing an 11% reduction in carbon intensity compared to the previous year. Since 2019, the Company has successfully reduced its overall fleet emissions by 56%, showcasing its unwavering commitment to climate action and sustainable maritime operations.
Moreover, the Company’s Integrated Logistics business segment experienced significant expansion, securing long-term hire contracts for 19 jack-up barges and acquiring 20 offshore support vessels. These moves further entrenched ADNOC L&S’s position as a leader in offshore logistics and enhanced its ability to support ADNOC’s upstream growth initiatives in both conventional and low-carbon energy sectors.
Technology and Innovation: Building the Future of Maritime Logistics
In line with its strategic goal of becoming the world’s most technologically advanced maritime logistics company, ADNOC L&S continued to invest heavily in digitalization and innovation throughout 2024.
Key technological milestones included the deployment of AI-powered solutions such as AIQ’s SMARTi safety monitoring platform, which leverages machine learning to predict and prevent safety incidents in real-time. Additionally, the launch of the Integrated Logistics Management System (ILMS) has enhanced the Company’s ability to streamline operations, optimize fleet deployment, and reduce turnaround times across its global network.
These initiatives have not only improved operational efficiency but also contributed to meaningful reductions in energy consumption and carbon emissions, aligning with ADNOC L&S’s broader environmental, social, and governance (ESG) goals.
With a strong balance sheet, a growing portfolio of world-class assets, and a clear roadmap for future growth, ADNOC L&S is well-positioned to capitalize on the evolving global energy landscape and deliver continued value for its shareholders, partners, and stakeholders.