2023-08-03 14:20:56
ADNOC
The profits of the Emirati company ADNOC Logistics and Services jumped by 327 percent in the first half of this year, in the first results announced by the company since its initial public offering and listing on the Abu Dhabi Stock Exchange last June.
In the first half of the year, the company achieved a net profit of one billion and 127 million dirhams ($307 million), or 0.15 dirhams ($0.04) per share, which represents a more than fourfold increase compared to a net profit of 264 million dirhams ($72 million). Registered in the first half of 2022.
The company’s revenues increased in the first half of the year by 62 percent on an annual basis, to reach 4 billion and 499 million dirhams (one billion and 225 million dollars).
The company said that these results were driven by revenue growth across the company’s three business segments, which include integrated logistics services, shipping, and marine services.
ADNOC Logistics and Services added that it is continuing to implement its ambitious strategy for growth and expansion in new sectors, exploring new sources of income and expanding its marine fleet.
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