"ADNOC Logistics and Services" It will hold its first annual general assembly of shareholders on April 29
Abu Dhabi, April 27 / WAM / ADNOC Logistics and Services Company, the arm dedicated to maritime logistics services of the ADNOC Group, will hold its first annual general assembly for its shareholders on April 29.
This meeting comes after the success of the public offering process that the company witnessed last year. The offering of ADNOC Logistics and Services Company, one of the six companies affiliated with the ADNOC Group and currently available for trading on the Abu Dhabi Securities Market, witnessed an unprecedented turnout, as the offering was oversubscribed by a rate of 163 times, and thus ranked Ranked second as the largest IPO in the Middle East and North Africa region for the year 2023.
Since listing, the company has achieved exceptional results, closing the year with a 138% year-on-year increase in net profit and a 91% rise in share price.
Captain Abdul Karim Al Musabi, CEO of ADNOC Logistics and Services, told the Emirates News Agency, WAM, “With the completion of our first year as a publicly listed company, we remain firmly committed to the transformational growth strategy that we have established, which will open the way to strengthen our position as an owner and operator of one of the largest companies in the world. The largest fleets of logistics and maritime services in the world and its entry into new markets with the aim of expanding its geographical presence, in line with the company’s strategy for smart growth and providing comprehensive maritime logistics services to the energy sector.”
He stressed that the company is committed to continuing an upward approach to dividend distributions, as it seeks to increase annual profits by no less than 5% in the coming years.
During the General Assembly meeting, shareholders will vote on the final dividends for the year 2023, which amount to $130 million (477 million dirhams), equivalent to 6.45 fils per share, which was recommended by the company’s Board of Directors when announcing the financial results for the full fiscal year.
ADNOC Logistics and Services Company announced that its action plan to implement sustainability standards in all its operations is fully in line with ADNOC Group’s goal to achieve climate neutrality by 2045, as well as the UAE’s strategy to achieve climate neutrality by 2050. The company has committed to investing $2 billion in ships with High environmental efficiency and has achieved a 30% reduction in the carbon emissions intensity of its operations since 2020.
The company is also looking forward to benefiting from advanced artificial intelligence technologies, which include integrated logistics services, shipping operations, and maritime services, including the application of the “smart ships” system within its growing fleet that operates with artificial intelligence and is designed to predict ship maintenance problems, as well as the use of remote surveillance cameras. Remote, sensors, and intelligent video analytics, to enhance safety measures.
ADNOC Logistics and Services Company achieved another distinguished achievement, which is operating the integrated logistics services platform, as it is one of the largest integrated logistics programs in the world, with the aim of providing a unified logistics interface to customers.
This comes in addition to obtaining an engineering, procurement and construction (EPC) services contract from ADNOC Marine, worth 3,581 million dirhams (975 million US dollars) to build an artificial island. Providing engineering, procurement and construction services that fall within the company’s integrated logistics services sector is a new direction and part of its smart growth strategy, which will enable it to provide new revenues due to expansion into different sectors.
The company intends to continue to employ artificial intelligence and the latest technologies as one of the pillars to strengthen its business units, which include integrated logistics services, shipping and marine services in the maritime sector.
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