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ADNOC intends to offer 15% of the shares of “ADNOC Logistics and Services”

Subscription to the shares offered is expected to commence on May 16, 2023, and this is subject to obtaining approvals from relevant regulatory authorities and other considerations, according to an official statement, which was viewed by the Economy Sky News Arabia. website.

ADNOC Logistics and Services has a proven track record of growing locally and internationally, achieving operational excellence and effective cost control, resulting in significant profits and strong financial results.

According to unaudited financial results, which reflect the acquisition of “Zakher Marine International” in 2022, the company’s revenue is estimated at 8.4 billion dirhams (about $2.3 billion), while adjusted profits before the calculation of interest, taxes, amortization and Depreciation is estimated at 2.2 billion dirhams (599.3 billion dirhams) for the year ending December 31, 2022, and the company’s revenues grew at a compound annual growth rate of more than 20% over the period from 2017 to 2022.

ADNOC Supply and Services’ strategy for continued growth is based on its program to increase capital expenditure, which fluctuates between 14.7 and 18.4 billion dirhams (4-5 billion dollars) in the medium term, which aims to expand the range of services provided to ADNOC Group companies, and to pursue emissions reduction efforts in order to support the UAE’s efforts to achieve a rational, practical and just transition in the energy sector.

At the same time, ADNOC Logistics and Services is committed to strengthening its relationships with existing and new customers, expanding the range of freight services and services it provides through the company’s integrated logistics platform, while focusing at the same time on strengthening its geographic presence and expanding its business scope, as well as exploring the opportunities offered by new business areas.

ADNOC Logistics and Services aims to pay an attractive dividend of 954.9 million dirhams ($260 million) for the year ending December 31, 2023, of which 238.7 million dirhams ($65 million) will be paid in October 2023, with 477.4 million dirhams ($130 million) paid. million) another in April 2024.

The company also plans to increase its dividends by 5% per year in the medium term.

ADNOC Logistics and Services is the maritime and logistics arm of the ADNOC Group. The company provides maritime and logistics services integrated with ADNOC’s activities in all areas and stages of the energy sector value chain.

ADNOC Logistics and Services has a world-class integrated services platform, one of the largest and most diverse freight fleets in the region, and the company is among the largest owners and operators of auto platforms. -elevating and mobile, and manages an integrated supply base it is one of the largest of its kind in the UAE Integrated services in the field of shipping, maritime logistics and maritime services for customers in the whole world.

For his part, Khaled Al Zaabi, Chief Financial Officer of ADNOC, said: “We are pleased to announce our intention to offer a minority stake in ADNOC Logistics and Services, a world-class logistics and maritime services provider, which is the sixth ADNOC company to offer a minority stake in Abu Dhabi Securities MarketFinance, and is characterized by an excellent position and capabilities that qualify it to improve performance, enhance and increase value and benefit from the ambitious plan growth and expansion of ADNOC and global growth. demand for reliable low-emission energy supply.

He added, “The planned offering represents another significant achievement for the UAE and ADNOC, as it will help solidify the company’s position and its pivotal role in driving the growth and development of the Abu Dhabi Stock Exchange As a pioneer in the field of sustainability in the maritime and logistics services sector, ADNOC Logistics and Services plays a major role in advancing efforts to reduce emissions in the maritime transport sector and marine and maritime services in the UAE, and we are pleased to offer local and international investors through this offering a rewarding investment opportunity that offers prospects for growth and development.

Through its ownership of the largest and most diverse fleet in the region, as well as its world-class asset base, ADNOC Services and Logistics, through its role in transporting energy products around the world , helps to strengthen the UAE’s position and maritime heritage in the global shipping and logistics industry.

In addition to its close relationship with the ADNOC Group, the company provides services to more than 100 global customers in more than 50 countries through a fleet of more than 500 modern marine vessels equipped with state-of-the-art technology, including 245 vessels belonging to the Company. ADNOC Logistics and Services is a leading sustainability company in the maritime and logistics services system in the United Arab Emirates, as it aims to reduce the carbon emissions of each shipment by at least 40% by 2030 by compared to 2008.

For his part, Captain Abdul Karim Al-Masabi, CEO of ADNOC Logistics and Services, said: “ADNOC Logistics and Services is a major component of the UAE’s energy system, as it provides critical infrastructure and logistics services. for production and transportation. of energy products to customers around the world. The company provides cost-effective and sustainable solutions to the logistics and marine energy sector through its three main business segments: maritime transport, integrated logistics and marine services. .

He added: “The IPO, which ADNOC Logistics and Services intends to implement, provides a significant opportunity to accelerate the growth of the business, which supports ADNOC’s ambitious strategy in of growth and development, and helps to strengthen the company’s capabilities to expand the range of services it provides to its customers and explores new geographies and business sectors. And on the basis of future growth prospects , ADNOC Logistics and Services has a solid position and good capabilities for growth and development and continues to achieve its strong financial and operational performance, with a focus on supporting and strengthening the transition program in the sector energy and emissions reduction for the United Arab Emirates and ADNOC.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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