ADNOC Logistics & Services plc

ADNOC Logistics and Services (ADNOC L&S) has reported its Q1 2024 financial results, revealing a 42% year-on-year increase in revenue and a 44% rise in EBITDA. The company's net profit increased by 34% year-on-year to $194 million. As a result of the strong Q1 performance, the company has revised its earnings guidance upwards. Shareholders have approved a cash dividend of $130 million, equivalent to 6.45 fils per share for H2 2023. The company continues to execute its transformational growth strategy, with plans to invest over $5 billion in energy-related maritime logistics over the medium term.

The document is an unaudited review report and interim condensed consolidated financial information of NOC Logistics & Services plc as of 31 March 2024. The report is intended for users who are interested in finance and investing.

The text is about the Q1 2024 Earnings Management Discussion & Analysis Report of ADNOC, which was released on 8 May 2024. The report is classified as public.

On 7 May 2024, the Board of Directors of ADNOC Logistics & Services PLC held a meeting at the ADNOC headquarters in Abu Dhabi. During the meeting, they approved the company's financial statements for the first quarter of the current financial year 2024. The Board also discussed recent developments related to the company's activities and projects. The information was relayed by the Chief Executive Officer, Abdulkareem Mubarak Almessabi. A copy of the communication was sent to the Securities and Commodities Authority (SCA).

The Abu Dhabi Securities Exchange has announced a Board of Directors meeting for ADNOC Logistics & Services PLC to be held via video conference on Tuesday, 7 May 2024 at 3 p.m. The agenda includes approval of the financial statements for the first quarter of 2024 and discussion of other general matters related to the company's activities and projects. The notification was signed by the company's CEO, Abdulkareem Mubarak Almessabi. A copy of the announcement was also sent to the Securities and Commodities Authority (SCA).

The Annual General Assembly Meeting of ADNOC Logistics & Services PLC was held in person and virtually on 29th April 2024, chaired by H.E. Dr. Sultan Ahmed Al Jaber. The meeting had a quorum of 84.19% of total attendance. The assembly approved the Board of Directors’ report on the company’s activities and financial position for the financial year ended on 31 December 2023. The report of the company’s external auditor and the standalone and consolidated audited financial statements for the same period were also approved. The board's recommendation for a cash dividend distribution of USD 130 million for the second half of 2023 was approved, bringing the total cash dividends for 2023 to approximately AED 716 million. The payment of AED 15.83 million to the Board of Directors as remuneration for the financial year ended on 31 December 2023 was also approved.

The Board of Directors of ADNOC Logistics & Services PLC has invited shareholders to attend the annual general assembly meeting on April 29, 2024. The meeting can be attended in person or virtually. The agenda includes the appointment of a secretary and a vote collector, review and approval of the company's financial reports for the year ending December 31, 2023, and the appointment of external auditors for the financial year 2024. Shareholders will also consider a proposed cash dividend distribution of USD 130 million. Shareholders who wish to attend virtually need to register electronically. The company has also provided information on how to delegate voting rights and update contact details for the receipt of dividends.

The Board of Directors of ADNOC Logistics & Services PLC has invited shareholders to attend the annual general assembly meeting on 29 April 2024, either in person at Sofitel Abu Dhabi Corniche Hotel or virtually. The meeting will discuss several items, including the approval of the company's financial reports for the year ended 31 December 2023, the appointment of external auditors for the financial year 2024, and a proposed cash dividend distribution of USD 130 million. Shareholders can register for the meeting and vote on the items electronically. The company also advised shareholders to update their contact details for proper dividend delivery.