ADNOC L&S H1 Net Profit Jumps 179% to $1.2B; Guidance Raised Again
Shipping gains push ADNOC Logistics & Services to a record first half, with full-year profit guidance lifted to high 110% growth.
Tariq Benali Tariq Benali covers business and corporate news across the UAE and MENA for Anecdoted, tracking the deals, leadership moves and regulatory shifts behind the region's companies. tariq@anecdoted.com
ADNOC Logistics & Services more than doubled first-half profit. Net profit came in at $1.2 billion (AED 4.3 billion), up 179% year-on-year. Revenue rose 46% to $3.7 billion (AED 13.5 billion). EBITDA climbed 98% to $1.5 billion (AED 5.4 billion), and the margin widened by 11 percentage points to 40%. The company attributed the increase to strong growth across both its shipping and services segments.
The second quarter carried the momentum. Revenue hit $2.584 billion (AED 9.5 billion), up 98% year-on-year. Net profit jumped 303% to $951 million (AED 3.5 billion). EBITDA for the quarter rose 176% to $1.1 billion (AED 4.1 billion). ADNOC L&S said the results surpassed market expectations and demonstrated resilience and operational strength.
Shipping drove the performance. H1 shipping revenue rose 132% to $2.4 billion (AED 8.9 billion), and shipping EBITDA climbed 292% to $1.1 billion (AED 4.2 billion). Net profit also included a $27 million (AED 99 million) capital gain from the sale of the VLCC Leicester in January and a $12 million (AED 46 million) contribution from the AW Shipping joint venture.
Management raised full-year 2026 guidance for the third time. Revenue growth is now expected in the mid-20% range, up from a low single-digit forecast. Net profit guidance moved from 60% growth to high 110% growth.
The expansion plans behind that outlook are large. ADNOC L&S has $5.7 billion in committed capital expenditure for its fleet program, with vessel acquisitions and newbuild commitments this year valued at $2.3 billion. It holds an 80% stake in Navig8 and owns Zakher Marine International Holdings.
Chief executive Abdulkareem Al Masabi put the record first-half result down to strong shipping market fundamentals, disciplined execution, and a quick response to volatile market conditions. The board approved an interim cash dividend of $85.3 million (AED 313.3 million) for the second quarter. The company ranked 47th on a 2026 list of the 100 Most Valuable Companies.
The third guidance upgrade in one year moves the company's outlook from cautious to expansive. The $5.7 billion already committed to vessels suggests management is planning for that stronger freight environment to persist, not fade after a strong half.
