Dubai: ADNOC Logistics and Services Plc (ADNOC LandS) today announced shareholder approval of all agenda items at its Annual General Meeting, including a final dividend of $136.5 million (AED501.3 million), bringing the 2024 full-year dividend to $273 million (AED1,001 million), a 5 percent increase year-on-year, in line with ADNOC LandS' progressive dividend policy. The final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on record as of 3rd April 2025.
According to Emirates News Agency, Dr. Sultan Al Jaber, Chairman of ADNOC LandS, stated that 2024 was a transformative year for the company, marked by accelerated global expansion and strategic acquisitions. The company completed a $1.0 billion (AED3.7 billion) acquisition of 80 percent of Navig8, enhancing its global reach and operational capabilities. This strong performance allowed ADNOC LandS to deliver a 5 percent increase in its full-year dividend while advancing sustainability and industry leadership.
ADNOC LandS reported exceptional financial growth, supported by strong market demand and operational efficiency. Revenue increased 29 percent year-on-year to over $3.5 billion (AED13 billion), and net profit rose 22 percent to $756 million (AED2.7 billion). EBITDA grew 31 percent year-on-year, reflecting the company's ability to scale operations while maintaining profitability. Since its 2023 IPO, ADNOC LandS' share price has increased by 178 percent, significantly outperforming the ADX.
Captain Abdulkareem Al Masabi, CEO of ADNOC LandS, emphasized the company's commitment to growth through organic expansion and strategic acquisitions. In 2024, ADNOC LandS invested nearly AED1 billion in workforce development and local partnerships, contributing to ADNOC's In-Country Value programme. The company secured 21 new environmentally efficient vessels and continued executing one of the industry's largest fleet expansion programmes.
In line with ADNOC's decarbonization objectives, ADNOC LandS achieved an 11 percent reduction in carbon intensity compared to the previous year, with a 56 percent reduction in fleet emissions since 2019. The Integrated Logistics business segment expanded significantly, securing contracts for 19 jack-up barge deployments and acquiring 20 offshore assets, reinforcing ADNOC LandS' leadership in offshore logistics and supporting ADNOC's broader energy growth strategy.