Adnoc Logistics & Services Plc · ADX:ADNOCLS
Adnoc Logistics & Services — Q1 2024 Earnings Presentation
20 slides from Adnoc Logistics & Services's earnings presentation, May 8, 2024
Slide 1: First Quarter 2024 Results Presentation
ADNOC Classification: Public FIRST QUARTER 2024 RESULTS PRESENTATION 08 May 2024 ADNOC Logistics & Services
Slide 2: Disclaimer
ADNOC ADNOC Classification:Public Classification: Public Disclaimer This presentation has been prepared by ADNOC Logistics & Services Plc (the ‘Company’) based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herein
Slide 3: Agenda & Presenters
ADNOC ADNOC Classification:Public Classification: Public Agenda & Presenters 1 Safety 2 Q1 2024 Highlights Abdulkareem Al Masabi Chief Executive Officer 3 Growth Strategy 4 Financial & Operational Performance 5 Decarbonization & Sustainability Nicholas Gleeson Chief Financial Officer 6 Guidance 7 Cl
Slide 4: 100% Health, Safety & Environment: ADNOC L&S' Leading Principle
ADNOC ADNOC Classification:Public Classification: Public 100% Health, Safety & Environment: ADNOC L&S’ Leading Principle Continued strength in health & safety KPIs OUTSTANDING HEALTH & SAFETY TRACK RECORD SAFETY THROUGH ARTIFICIAL INTELLIGENCE Lost Time Incident Frequency (LTIF) AI-based maritime pr
Slide 5: Q1 2024 Results Highlights
ADNOC ADNOC Classification:Public Classification: Public Q1 2024 Results Highlights HIGHLIGHTS KEY FINANCIAL HIGHLIGHTS – Q1 2024 ▪ Strong growth continues with 34% increase in Net Profit vs Q1 2023. ▪ Integrated Logistics growth driven by overall activity levels $840 mm $286 mm $194 mm and higher u
Slide 6: Accelerating our Growth Strategy
ADNOC ADNOC Classification: Internal Classification: Public Accelerating our Growth Strategy Expansion of fleet in line with transformational growth strategy to meet rising global demand for energy Delivery of six LNG1 carriers (2025-2026) Agreements with SFI Energy ▪ Six LNG carriers’ due for deliv
Slide 7: Financial Summary
ADNOC ADNOC Classification:Public Classification: Public Financial Summary Strong Financials (USD millions) Q1 24 Q1 23 YoY % Q4 23 QoQ % Financial Highlights Income Statements: Revenue 840 592 42% 828 1% • Revenues increased 42% to $840 million. EBITDA 286 199 44% 242 18% • EBITDA surged 44%; margi
Slide 8: Financial Performance
ADNOC ADNOC Classification:Public Classification: Public Financial Performance Continued strong growth driven by value–accretive investment and continuing efficiency gains REVENUE ($MM) EBITDA & NET PROFIT ($MM) ▪ Continued top line gains in Q1 2024, across all business segments. ▪ Solid revenue gro
Slide 9: Operational Highlights: Integrated Logistics
ADNOC ADNOC Classification:Public Classification: Public Operational Highlights: Integrated Logistics Continue to deliver growth across key activities Integrated Logistics: Number of Vessels and Utilization Rate Material Handling Volume (KMT1) Number of Vessels Utilization Rate ▪ Continued strong IL
Slide 10: Integrated Logistics - Financials
ADNOC ADNOC Classification:Public Classification: Public Integrated Logistics - Financials Strong revenue and profitability growth driven by expansion in overall activity levels REVENUE ($MM) EBITDA ($MM) ▪ Strong revenues growth Margin Margin 554 ▪ Higher revenues 546 546 driven by continued 29% 29
Slide 11: Shipping Business Unit: Benchmark TCE rates
ADNOC ADNOC Classification:Public Classification: Public Shipping Business Unit: Benchmark TCE rates TANKERS (PRODUCT) Tanker Orderbook as % fleet 100,000 50.00 80,000 40.00 60,000 30.00 40,000 20.00 20,000 10.00 0 0.00 TANKERS (CRUDE) Tanker Supply & Demand Balance (Crude) - % 8.8 280,000 10.0 5.1
Slide 12: Operational Highlights: Shipping
ADNOC ADNOC Classification:Public Classification: Public Operational Highlights: Shipping Continue to deliver strong growth in returns as demand outpaces supply NUMBER OF SHIPPING VESSELS NUMBER OF CHARTERED-IN VESSELS TIME CHARTER EQUIVALENT (USD) No. of owned vessels Utilization rate 56,177 6a >95
Slide 13: Shipping - Financials
ADNOC ADNOC Classification:Public Classification: Public Shipping - Financials Significant revenue growth driven by strong charter rates in Tankers and Dry-bulk & Containers plus VLCC fleet expansion, translated into growth in EBITDA, EBITDA / net profit REVENUE ($MM) EBITDA ($MM) 251 231 251 ▪ Stro
Slide 14: Marine Services
ADNOC ADNOC Classification:Public Classification: Public Marine Services EBITDA and margin expansion in Q1 2024 driven by new Marine Terminal Operations contract in force from 1 January 2024 REVENUE ($MM) EBITDA ($MM) ▪ Q1 2024 revenues Margin Margin 43 44 43 ▪ Q1 24 EBITDA growth 41 benefited from
Slide 15: Cash Flow Profile
ADNOC ADNOC Classification:Public Classification: Public Cash Flow Profile Continued strong free cash flow delivery bolstering finance capacity for future growth FREE CASH FLOW EVOLUTION ($MM) COMMENTARY CASHFLOW ▪ Higher free cash flow driven by the strong growth in underlying business / profitabil
Slide 16: Sustainability Strategy and Case Studies
ADNOC ADNOC Classification:Public Classification: Public Sustainability Strategy Sustainability core to the growth strategy of ADNOC L&S ADNOC L&S Carbon Emission Curve 16.00 14.00 12.00 2020 Baseline 10.00 8.00 6.00 ECO Vessels + Fleet Modernization Initiatives 4.00 2.00 0.00 2020 2021 2022 2023 20
Slide 17: Segmental Medium-term Outlook
ADNOC ADNOC Classification:Public Classification: Public Segmental Medium-term1 Outlook INTEGRATED LOGISTICS SHIPPING MARINE SERVICES Revenue Revenue Revenue 2024 : ▪ Mid-40%s YoY growth. 2024: ▪ Mid-to-high single digit YoY growth. 2024 : ▪ Low-single digit YoY growth. ▪ Driven by EPC & Projects es
Slide 18: Group Medium Term Outlook
ADNOC ADNOC Classification:Public Classification: Public Group Medium Term1 Outlook CONSOLIDATED REVENUE CAPEX 2024: ▪ 2024: $1.0 - $1.1 billion. • Low 30%s YoY growth. ▪ Medium term: Organic growth capex beyond the IPO- Medium term: announced ~$4-5bn. ▪ Capital allocation policy: ▪ High single digi
Slide 19: Closing Remarks
ADNOC ADNOC Classification:Public Classification: Public Closing Remarks STRONG COMMITTED STRONG GROWTH CONTINUED TO ATTRACTIVE EBITDA STRATEGY EARNINGS SHAREHOLDER MARGIN EXECUTION GROWTH S RETURNS 19
Slide 20: Thank You
ADNOC Classification: Public THANK YOU www.adnocls.ae IR@adnocls.ae
ADNOC Logistics & Services — Q1 2024 Earnings Presentation on 6ix