The Maritime Standard’s Post

Profits Surge At Adnoc L&S. Leading shipowner and logistics services provider, ADNOC L&S, has recorded net profits of US $194 million for the first three months of the year, 34% up year-on-year, on the back of a 42% increase in revenues to US$ 840 million. All business segments continued to perform strongly, the company notes. This strong financial performance has been powered by ADNOC L&S’ ambitious growth strategy whereby the company intends to invest in excess of $5 billion in energy-related maritime logistics over the medium term, to meet growing demand in and beyond the UAE. ADNOC Group https://bit.ly/3yh979n #ADNOCLS #MaritimeLogistics #EnergyIndustry #FinancialResults #GrowthStrategy #ShippingSegment #VLCC #GasCarriers #MarineServices #PetroleumPorts #BusinessGrowth #UAETrade #InvestmentStrategy #RecordProfits

News for ADNOC Distribution shareholders! They have just approved a generous interim dividend for HI 2024, amounting to AED 1.285 Billion! Eng. Bader Al Lamki talks about ADNOC Distribution's performance. Read more here - https://lnkd.in/gfVr5PpK

ADNOC Logistics and Services has agreed to acquire 80% of Navig8 an international shipping pool operator and commercial management company with an owned fleet of 32 modern tankers, for $1.04 billion. The remaining 20% will be acquired in 2027 for a deferred consideration of $335 million to $450 million. The transaction will add immediate value and is projected to boost earnings per share by at least 20% in the first full year, moving ADNOC Logistics and Services towards its medium-term $5 billion+ strategic growth investment target. ADNOC Group

I’m proud that #ADNOCDistribution delivered in Q2 2024 one of its strongest quarters since its IPO, with double-digit growth, above market expectations, supported by the strong performance in both the UAE and international operations. We have recorded highest Q2 volumes ever after gaining market share in the UAE and higher contribution of our international assets. We also continue to see our Non-fuel Retail (NFR) strategy paying off in Q2 with the NFR gross profit up 13.5% year-on-year, supported by convenience stores, car wash, car care services and property management. Today more and more customers are fuelling in our stations and they are also buying more at our convenience stores – 26% of them visit our convenience stores after fuelling their car: this is the highest level in 4 years! Growth momentum expected to continue in H2’24 and beyond, and we are leveraging on AI to drive higher revenues, lower costs and improve customer experience. We will consistently showcase our capacity to adapt and innovate, creating lasting value for our business, shareholders, and customers. #Growth #Profit #FinancialResults

ADNOC Distribution achieved robust financial results in Q2 2024, recording a 15% year-on-year (YoY) increase in EBITDA and a 13% increase in net profit, driven by continued growth momentum across the business. #ADNOCDistribution #Growth #Profit #FinancialResults

Saudi Aramco, the state-owned oil company in Saudi Arabia, has sold its shares worth $12 billion to investors as part of the government's plan to raise funds for economic reforms. - by Frederic Eger/EBN - The company offered 1.545 billion shares in a price range of 26.7 to 29 Saudi riyals per share ($7.1 to $7.73), representing a 0.64% share of its total share capital. The deal sparked strong demand from investors, with the government securing orders for each listed share. The shares were bought in the first hours of trading at the upper end of the price corridor, allowing the company to raise $11.94 billion. The demand for shares has not yet exceeded the supply, and the number of shares Saudi Aramco will sell per additional subscription. In 2019, Saudi Aramco had organized an IPO and sold them for $29.4 billion, with applications received for $106 billion. The government directly owns 82% of the company, while the state investment fund owns 16%. The deal ranks among the world's largest share sales since Aramco's record-breaking $29.4 billion IPO in 2019. The government plans to use the proceeds of the new equity placement for technology development, including investments in artificial intelligence, sports development, tourism, and the Neom "city of the future" project.

L&T Declares ₹35,000 Crore Saudi Aramco Order as Largest Ever #LarsenAndToubro #SaudiAramco  #RecordOrder #BiggestEver #BusinessNews  #Engineering #Construction #CorporateNews  #FinancialGrowth #WestAsia #OrderBook  #IndustryLeaders #StockMarket  #SharePrice  #EnergySector  #MiddleEastProjects  #NewOrders #EconomicGrowth

Eastern Pipes Integrated Company for Industry (East Pipes), a Fortune 500 Arabia company, saw its net profit surge by 167.7% to SAR 267.5 million (USD 71.34 million) for the fiscal year ended March 31, 2024, compared to SAR 100 million (USD 26.76 million) in the fiscal year ended March 2023. The company attributed the growth in net profit to a continuous rise in average selling prices, coupled with a decline in production costs per ton, according to a statement on the Saudi stock market (Tadawul). Learn more here: https://lnkd.in/e-ks9sbN East Pipes Integrated Company For Industry #Fortune500Arabia

Today's UAE equity highlights with ADNOC Logistics finding support as it announces Shell's investment into its new LNG plant. Despite signs of downside pressure on oil prices, equity indices in both Dubai and Abu Dhabi held steady during Wednesday’s session, finishing with some very modest gains. ADNOC Logistics was the biggest gainer of the large caps on Wednesday, adding 4.1%. that coincides with news that Shell is to invest and take a 10% holding in ADNOC’s majority owned Ruwais LNG project. Shell has also committed to offtake 1 million mt/year of LNG from the project, which is due for completion in the second half of 2028. Volumes in ADNOC Logistics were notably higher on the day. National Marine Dredging was one of the better performer today, up 2.9%. However there’s no news out here and the rally simply serves to recover yesterday’s losses posted by the stock. National Central Cooling was the biggest faller of the large caps, off 2%. Transaction numbers were recorded as being slightly higher than usual but there’s no major news in play. The stock has returned to the 3Dhs level that has provided support in the past.

ADNOC Group Distribution has just announced its impressive Q2 2024 financial results, showcasing a 15% YoY increase in EBITDA to $267 million and a 12.9% YoY rise in net profit to $170 million. Excluding the impact of the UAE corporate tax, net profit soared by 24.5% YoY! Key Highlights: 📌 Strong Financial Performance: Driven by higher fuel volumes, international operations, and non-fuel retail growth, ADNOC Distribution is on track for a robust 2024. 📌 Non-Fuel Retail Growth: Gross profit increased by 13.5% YoY, supported by expanding car wash services, convenience store enhancements, and cost optimization efforts. 📌 Strategic Investments: ADNOC Distribution is accelerating growth with investments in convenience, mobility, and AI-driven innovations, including the pioneering 'Fuel Demand AI Model.' 📌 Expanding Global Footprint: With 847 service stations across UAE, KSA, and Egypt, and ADNOC Voyager exports now reaching 43 countries, ADNOC Distribution is steadily expanding its international presence. 📌 ESG Leadership: Continued advancement in ESG initiatives, including joining the FTSE ADX ESG Screened Index and the FTSE Emerging ESG Low Carbon Index. CEO Eng. Bader Saeed Al Lamki commented on the strong results, emphasizing the company’s commitment to future-proofing its business and delivering value to shareholders. For more on ADNOC Distribution's growth strategy and financial outlook, check out the full report here: https://lnkd.in/dR5_RD55 #ADNOCDistribution #Q22024 #FinancialResults