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.
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. Forbes Middle East ranked the company 47th on its 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.
