Adnoc Logistics and Services (L&S) reported a 9.1 per cent increase in its fourth-quarter profit, bolstered by higher demand across most of its business segments.
Net profit for the three months that ended in December rose to $180 million, the company said on Wednesday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
The Adnoc subsidiary’s revenue during the same period grew 12 per cent to $928 million.
“We have delivered strong growth in financial returns to shareholders once again in 2024, driven by robust performance across all business segments,” said Capt Abdulkareem Al Masabi, chief executive of Adnoc L&S. "This year has been characterised by investing in the internationalisation of our business platform, the addition of new vessel types focused on transition fuels, and the growth of our large integrated logistics business.”
Adnoc L&S delivers dry bulk and energy products to more than 100 customers in about 50 countries through its three business units, including integrated logistics, shipping and marine services.
The company made its debut on the Abu Dhabi bourse in June 2023 after parent company Adnoc raised about Dh2.83 billion ($770 million) from the sale of a 19 per cent stake in the subsidiary.
Revenue from Adnoc L&S’s integrated logistics segment increased to $610 million in the fourth quarter last year, up nearly 17 per cent from the same period in 2023.
However, revenue from the company's shipping business declined by 9 per cent year over year to $211 million in the final quarter of last year, as charter rates dipped "slightly" at the end of the year due to seasonal and cyclical factors, Adnoc L&S said.
The market for tankers was “soft” in the fourth quarter and is expected to remain subdued this year, although there are signs of some “green shoots” of recovery, Nicholas Gleeson, chief financial officer of Adnoc L&S, told The National last month.
On a full-year basis, the company's revenue grew by about 29 per cent to $3.55 billion, while profit increased by 22 per cent to $756 million.
Adnoc L&S, fresh off its $1.04 billion acquisition of an 80 per cent stake in Navig8 Topco Holdings, unveiled 2025 and medium-term guidance that reflects the deal's impact. Adnoc L&S will acquire the remaining 20 per cent stake in the shipping pool operator in mid-2027 for deferred consideration of between $335 million and $450 million, depending on Navig8's core earnings performance in the meantime.
Adnoc L&S has projected mid-to-high 40 per cent revenue growth in 2025, slowing to low single-digit growth through 2029. It expects low double-digit net income growth this year, followed by high single-digit growth through 2029.
The company maintained its capital expenditure guidance, but said it expects more than $3 billion in additional organic investments by 2029, beyond announced projects.
Since its listing in 2023, Adnoc L&S has committed more than $6 billion in investments, Mr Al Masabi said.
"Our growth story continues into 2025 and beyond with more than $6 billion highly value-accretive growth opportunities committed since IPO, mostly against long-term contracts," he added.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
MORE FROM CON COUGHLIN
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
TO%20CATCH%20A%20KILLER
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDamian%20Szifron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shailene%20Woodley%2C%20Ben%20Mendelsohn%2C%20Ralph%20Ineson%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Mountain%20Boy
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zainab%20Shaheen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Naser%20Al%20Messabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%203%2F5%3C%2Fp%3E%0A
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
