ADNOC L&S Plc Shareholders Approve $130 Million Final Dividend for 2023 as Company Reaffirms Commitment to Ambitious Growth Strategy

Record date for final cash dividend for H2 2023, equivalent to 6.45 fils per share, will be 9 May 2024

Company sees sharp increases in net profit and revenues, and almost doubling in share price since its public listing 

ADNOC L&S reaffirms commitment to maximizing long-term shareholder value, pursuing transformational growth strategy, and leveraging AI technologies 

Company contributed $1.6 billion towards local economy in 2023 by supporting national value chains while developing a highly skilled workforce

Abu Dhabi, UAE – April 30, 2024: ADNOC Logistics & Services Plc (ADNOC L&S / the Company) (ADX symbol ADNOCLS / ISIN AEE01268A239), a global energy maritime logistics leader, held its first Annual General Assembly Meeting (AGM) yesterday since its record-breaking initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) in June 2023. During the AGM, chaired by His Excellency Sultan Ahmed Al Jaber, shareholders approved the final 2023 dividend of $130 million (AED477 million), equivalent to 6.45 fils per share. The final dividend will be paid to shareholders who own ADNOC L&S shares on the record date of 9 May 2024.

H.E. Dr. Sultan Al Jaber, Chairman of ADNOC L&S, said: “The ADNOC L&S IPO last year was 163 times oversubscribed, making it the most in-demand IPO globally in 2023 at the time of listing and the second-largest IPO in the MENA region in 2023.

“In its first year as a publicly listed entity, ADNOC L&S delivered exceptional financial results, including a 138% year-on-year increase in net profit, a 41% year-on-year increase in revenues and a 91% appreciation in the share price between its listing in June and the end of the year, strongly exceeding the ADX which grew 2% over the same period.

“Our robust financial performance enables us to pursue strategic growth opportunities. Last year, ADNOC L&S acquired four new Very Large Crude Carriers powered by environmentally efficient dual-fuel engines. We added eight Jack-up Barges to our fleet, reinforcing ADNOC L&S’ position as the owner/operator of the world’s largest fleet of self-propelled self-elevated Jack-up Barges. The Company also ventured into the Engineering, Procurement and Construction market with a $975 million award to build an artificial island in Lower Zakum field. These achievements are accelerated by our strategic sustainability and technology initiatives with Artificial Intelligence at their core to deliver services efficiently and safely.

“At the time of the IPO, we communicated a transformational growth strategy of $4 to $5 billion investment in organic CAPEX through to 2028. Now, less than a year later, our growth ambitions are accelerating beyond that as ADNOC L&S continues to expand its fleet and its geographical footprint to provide world-class maritime services to our growing customer base.” 

Following a record-breaking listing on the ADX last year, ADNOC L&S delivered outstanding financial results, including a 138% year-on-year increase in net profit to $620 million (AED2,277 million) and a 41% year-on-year increase in revenues to $2,755 million (AED10,118 million). At the AGM, the Company reaffirmed its commitment to an ambitious and transformational growth strategy that creates long-term shareholder value.

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “Our transformational growth strategy produced exceptional financial results in 2023 and we remain committed to maximizing long-term shareholder value while maintaining an attractive dividend policy. Looking forward, we aim to capitalize on our proven track record of growth, leveraging clearly defined drivers such as expanding our current services, venturing into new business areas, expanding our geographic footprint and global customer base, further developing our workforce of highly-skilled and dedicated employees who maintain a 100% HSE culture and consistently deliver high levels of customer satisfaction. We will continue our AI and sustainability initiatives to reinforce our position as a global leader in energy maritime logistics.”

In line with the progressive dividend policy approved by the Board of Directors, the Company aims to increase dividends by a minimum of 5% every year over the medium term, taking the 2023 annualized dividend ($260 million, AED955 million) as a base. This policy will be reviewed periodically to capitalize on value-accretive growth opportunities. The Company intends to distribute dividends semi-annually, with the first installment paid in the fourth quarter following first-half results, and the final payment made in the second quarter of the subsequent calendar year after second-half results.

Embracing AI
Technological innovation is at the core of ADNOC L&S’ transformational growth strategy, with the Company increasingly embracing AI to achieve its objective of instilling a 100% HSE culture. In 2023, the Company strengthened its use of the “Smart Ship” system, an AI-based maritime predictive maintenance solution for optimizing planning and enhancing operational efficiency of ocean-going vessels. 

Further, the Company’s AI-based “Smart Vessel” system, which has been implemented on more than 80 vessels, bolsters maritime health and safety by serving as an early warning system to prevent harm and injury to seafarers. 

These AI systems have played a critical role in the Company’s market leading HSE success, evidenced by a 71% reduction in Lost Time Incident Frequency rate between 2018 and 2023, and a 24% improvement in energy efficiency across its shipping fleet.

Accelerating Sustainability 
ADNOC L&S serves as a critical custodian of the UAE’s maritime legacy and continues to accelerate its sustainability journey in line with ADNOC Group’s 2045 Net Zero target, the UAE’s 2050 Net Zero strategy, and the International Maritime Organization’s 2050 Net Zero target and goal to reduce carbon emissions intensity by 40% by 2030. 

The Company continued to make major progress in this journey in 2023, including a 30% decrease in the carbon emissions intensity of shipping fleet operations since 2020, with approximately $2 billion committed to build environmentally efficient vessels, and 13 vessels now equipped to run on biofuels. 

In addition to its commitment to sustainability, ADNOC L&S continues to create in-country value (ICV) by enriching the national logistics ecosystem and supporting local manufacturing. The Company signed a contract with UAE-based ADNH Compass for the provision of catering services on its vessels and procured shipbuilding through local firms Grandweld and Abu Dhabi Shipbuilding (ADSB). These amongst other endeavors resulted in an ICV rating of 86% in 2023, translating to $1.6 billion (AED5.7 billion) of value flowing back into the local economy.

High-Performing Workforce
ADNOC L&S continues to develop and attract a talented, skilled, and dedicated workforce to maintain the highest levels of operational effectiveness on onshore and offshores sites and onboard vessels. The company’s highly trained and supported employees maintain a 100% HSE culture and deliver high levels of satisfaction to its more than 100 customers in over 50 countries. ADNOC L&S is proud to promote diversity, female leadership, as well as local talent that contributes to the nation’s long-term Emiratization plan and regularly provides opportunities for Emirati nationals to enter the business to safeguard the UAE’s maritime heritage. 

Key Dates:

 Shareholders’ Approval  29 April 2024
 Last Entitlement Date (last day to purchase)  07 May 2024
 Record Date  09 May 2024
 Dividend Payment   30 days from shareholders’ approval

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About ADNOC Logistics & Services plc
ADNOC Logistics & Services Plc, listed on the Abu Dhabi Securities Exchange (ADX symbol ADNOCLS / ISIN “AEE01268A239”) is a global energy maritime logistics company based in Abu Dhabi. Through its three business units; integrated logistics, shipping and marine services, ADNOC L&S delivers energy products to more than 100 customers in over 50 countries. 

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