Contributors "ADNOC Logistics" They agree to distribute dividends worth 477 million dirhams for the second half of 2023
ABU DHABI, 30 APRIL / WAM / ADNOC Logistics and Services PLC “ADNOC Logistics and Services”, the company specializing in the field of logistics and maritime services for the energy sector, yesterday held its first annual general assembly meeting after successfully completing the record initial public offering process on the Abu Dhabi Securities Market. In June 2023.
During the general assembly meeting, which was chaired by His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Board of Directors of ADNOC Logistics and Services, shareholders approved final cash dividend distributions of 477 million dirhams, at 6.45 fils per share, for the second half of the fiscal year 2023.
ADNOC Logistics and Services shareholders registered on May 9, 2024 will also be eligible for the final dividends.
His Excellency Dr. Sultan Al Jaber said: “Over the past year, the IPO of ADNOC Logistics and Services exceeded the bid by 163 times, making it the most sought-after IPO in the world in 2023 during listing, and the second largest IPO in the Middle East region.” And North Africa in the same year.
His Excellency added: “In its first year as an entity listed on the stock market, ADNOC Logistics and Services succeeded in achieving exceptional financial results, as net profits increased by 138% on an annual basis, with a 41% increase in revenues on an annual basis, in addition to an increase of 91%. % in the share price from its listing in June until the end of the year, and this performance also significantly exceeds the performance of the Abu Dhabi Securities Market, which grew by 2% during the same period.
He said: “Thanks to our strong financial performance, we are able to effectively explore strategic growth opportunities.. Last year, ADNOC Logistics and Services Company moved towards expanding its fleet through the acquisition of four new giant crude oil tankers, which operate with dual-fuel engines and are environmentally efficient.” Also, 8 self-elevating and moving marine support platforms were added to our fleet, which strengthens our position as the owner and operator of the largest fleet of this category of platforms in the world. In addition, we entered the engineering, procurement and construction market by obtaining a contract worth $975 million to build an artificial island. In the Lower Zakum field, we also consolidate these achievements through our strategic initiatives in the areas of sustainability and technology, as we place artificial intelligence at the heart of our strategy to provide services with high efficiency and safety.”
He added: “At the time of the initial public offering, we announced a transformational growth strategy that aims to invest between 4 and 5 billion US dollars in organic capital expenditures until 2028. And now, less than a year later, our growth ambitions are accelerating to exceed this level. As ADNOC Logistics and Services continues to expand its fleet and enhance its geographical footprint to provide world-class marine services to our growing customer base.”
After completing a record listing on the Abu Dhabi Securities Market last year, ADNOC Logistics and Services achieved outstanding financial results, recording a 138% increase in net profit on an annual basis to reach 2,277 million dirhams, in addition to achieving a 41% increase on an annual basis in Revenues reaching 10,118 million dirhams.
During the General Assembly meeting, the company reaffirmed its commitment to its transformational path and the implementation of an ambitious growth strategy that promises to create high value for shareholders in the long term.
For his part, Captain Abdul Karim Al Musabi, CEO of ADNOC Logistics and Services, said: “We achieved exceptional financial results in 2023 as a result of our reliance on a transformational growth strategy, and we continue our commitment to increasing shareholder value in the long term while maintaining a dividend policy.” Attractive to investment… While we look to the future with optimism, we continue to build on our previous achievements, clearly benefiting from factors that enhance the growth path, such as expanding the scope of our current services, investing in new business sectors, strengthening our geographical footprint and our global customer base, and continuing to develop the skills and capabilities of our employees and workforce. Our workforce is always keen to adhere to 100% health, safety and environmental standards, and to consistently achieve high levels of customer satisfaction. We will also continue to implement our initiatives in the field of artificial intelligence and sustainability to enhance our position as a leading global company in the field of logistics and maritime services for the energy sector.”
In line with the gradual dividend distribution policy approved by the Board of Directors, the company aims to increase annual profits by at least 5% in the medium term, based on annual profits for the year 2023 (955 million dirhams).. The dividend policy will be reviewed regularly taking into account Value-accumulating growth opportunities.
The company intends to distribute profits on a semi-annual basis, with the first installment of profits being paid in the fourth quarter after announcing the results of the first half of the year, with the final installment being paid in the second quarter of the following year after announcing the results of the second half of the year.
Technological innovation is an essential pillar at the heart of ADNOC Logistics and Services’ transformational growth strategy, as the company increasingly relies on artificial intelligence technologies to achieve its goal of enhancing a culture of health, safety and environment and adhering to its standards by 100%.
In 2023, the company enhanced its use of Smart Ship, a predictive maintenance solution that relies on artificial intelligence technologies to monitor and analyze the operational efficiency of ocean-going ships and maximize their effectiveness.
The Smart Vessel system, which has been applied to more than 80 ships, enhances maritime health and safety standards as it allows technical problems and malfunctions to be identified early to achieve the safety of sailors and prevent damage and injury.
Artificial intelligence systems played a decisive role in advancing the company to a leading position in the field of health, safety and environment, as the company succeeded in reducing the frequency of lost-time incidents by 71% between 2018 and 2023, in addition to improving the environmental efficiency of the shipping fleet by 24%.
ADNOC Logistics and Services’ goals in the field of sustainability reflect the company’s ongoing commitment to supporting and protecting marine ecosystems in the UAE. The company seeks to accelerate sustainability initiatives in line with the ADNOC Group’s sustainability plan, which is to achieve climate neutrality by 2045, and the “UAE Strategy.” “Climate Neutrality 2050”, and the IMO’s 2050 target to reduce carbon dioxide emissions by at least 40% by 2030.
The company has succeeded in making major progress in achieving sustainability during 2023, including reducing the intensity of carbon emissions in its owned fleet by more than 30% since 2020, while investing about two billion dollars to build environmentally efficient ships, and operating 13 support ships. Marine biofuel.
In addition to the company’s firm commitment to sustainability initiatives, ADNOC Logistics and Services continues to contribute to creating local value (ICV) by supporting value chains and local manufacturing operations.
ADNOC Logistics and Services also signed a contract with ADNH Compass, which is based in the UAE, to provide catering services on the company’s ships, in addition to contracting with the two local companies Grandold and Abu Dhabi Shipbuilding Company to provide shipbuilding services.
These efforts, among other initiatives, reflect the high rate of local value, which reached 86% during the year 2023, which means the return of value generated by businesses, represented by 5.7 billion dirhams, to the local economy.
ADNOC Logistics and Services is keen to attract high-level talent and expertise, help them develop their skills and enhance their capabilities to maintain the highest level of operational efficiency at land and sea sites and on board ships.
The company’s employees receive high training and continuous support, and are keen to adhere to 100% health, safety and environmental standards, and provide high levels of satisfaction to more than 100 customers in more than 50 countries.
ADNOC Logistics and Services is proud of the approach it takes to ensure diversity, enhance the role of female leadership, and encourage local talent in compliance with the country’s long-term Emiratisation plan, which aims to provide job opportunities for Emirati citizens in the maritime sector and involve them in efforts to protect the UAE’s maritime heritage.
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