ADNOC Logistics & Services (ADNOC L&S), which is expected to list its shares on the Abu Dhabi Securities Market on Thursday following an IPO, reported Q1 2023 net profit of $144.9 million, up 79% compared with $16.2 million in the year-ago period.

Abu Dhabi National Oil Co. this month sold about 1.11 billion shares at 2.01 dirhams ($0.54) per share, raising $796 million and valuing the company at about $4.05 billion.

Revenue for the period came in at $592.2 million versus $16.2 million in the prior period, the company said in a regulatory filing on ADX on Wednesday.

ADNOC L&S transports crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.

(Writing by Brinda Darasha; editing by Seban Scaria)