ADNOC L&S Q3 Net Profit Jumps 321% to $887M on Shipping
Revenue rose 149% to $3.3 billion as higher charter rates and a larger fleet lifted the Abu Dhabi-listed shipping arm.
ADNOC Logistics and Services reported third-quarter net profit of $887 million (AED 3.3 billion), a 321% increase on the same period a year earlier, as higher global charter rates and a larger fleet lifted its shipping business.
Revenue for the quarter reached $3.3 billion (AED 12.1 billion), up 149%. EBITDA climbed 187% to $1.1 billion (AED 3.9 billion). The Abu Dhabi-listed company released the figures on Thursday.
Across the first nine months of 2026, revenue rose 82% to $6.9 billion (AED 25.6 billion) and EBITDA rose 128% to $2.6 billion (AED 9.4 billion). Shipping drove most of it. The segment booked $5.1 billion (AED 18.7 billion) in revenue, 217% more than a year earlier, EBITDA of $2 billion (AED 7.4 billion), up 362%, and net profit of $1.8 billion (AED 6.5 billion), up 846%.
The company traced the growth to higher global charter rates, increased shipping activity and additions to its fleet. It said it maintained reliable delivery of energy to the UAE and international markets during the period, with commercial operations in 19 cities.
"Resilience has defined our performance this year," chief executive Abdulkareem Al Masabi said. "Our seafarers and employees continue to deliver energy from the UAE to the world." He said the company's global platform and long-term contracts generate shareholder value.
The board approved an interim cash dividend of $85.3 million (AED 313.3 million) for the quarter, payable to shareholders of record as of November 23, 2026.
ADNOC L&S kept buying tonnage. In October it ordered three Very Large Gas Carriers for $324 million (AED 1.19 billion). Two months earlier it agreed to acquire five VLGCs and six very large crude carriers for about $1.3 billion (AED 4.8 billion). Eight LNG carriers are under construction at Samsung Heavy Industries and Hanwha Ocean, an investment of $2.5 billion (AED 9.2 billion). The company has committed $7 billion in capital expenditure through 2030.
Those additions matter beyond the shipping unit's own books. They are sized to support ADNOC Group's global LNG operations while the parent builds out a marketing and trading platform, with a target of 47 million tonnes per annum of combined marketable LNG by 2035. Tonnage under own control gives the group more say over when and where those cargoes move.
ADNOC L&S placed 47th on a 2026 ranking of the 100 most valuable companies.
