ADNOC Logistics and Services reported a sharp increase in second-quarter earnings, with net profit rising 303% to $951 million as strong shipping markets, higher chartering activity and growing support for UAE energy exports lifted performance.
Revenue for the quarter almost doubled from a year earlier, increasing 98% to $2.58 billion. EBITDA reached a record $1.11 billion, up 176% year-on-year.
The company also reported strong results for the first half of 2026. Revenue rose 46% to $3.67 billion, while EBITDA increased 98% to $1.48 billion. Net profit climbed 179% to $1.17 billion, with the EBITDA margin expanding by 11 percentage points to 40%.
ADNOC L&S raised its full-year earnings guidance for the third time this year, pointing to continued strength in global shipping markets and resilient operating performance.
Shipping drives growth
The shipping division was the main contributor to the company’s first-half results. Revenue from the business increased 132% to $2.44 billion.
Shipping EBITDA surged 292% to $1.14 billion, while net profit jumped 693% to $997 million.
The company attributed the gains to higher global charter rates, increased chartering activity and additional services supporting UAE energy exports. Newly delivered vessels also contributed to the results, including four LNG carriers, two very large ethane carriers and an Ultramax vessel.
ADNOC L&S chief executive Captain Abdulkareem Al Masabi said favourable shipping conditions, disciplined execution and the company’s ability to respond to changing markets had supported record earnings and cash generation.
The company said its fleet expansion would support international growth and create longer-term value for shareholders.
$5.7bn fleet expansion
ADNOC L&S has committed about $2.3 billion to vessel acquisitions and newbuilds so far this year as part of a broader $5.7 billion capital expenditure programme.
The company took delivery of the LNG carrier Arada in March and its sister vessel Al Taweelah in April as part of the fleet expansion.
Integrated logistics revenue fell 20% to $1.04 billion, mainly because project-related revenue ended after completion of the Al Omairah Island project in late 2025.
Services revenue increased 14% to $189 million, while EBITDA from the segment rose 58% to $52 million.
The company now expects full-year revenue to grow in the mid-20% range, compared with its previous low single-digit forecast. EBITDA is expected to increase in the mid-60% range, while net profit growth is forecast in the high-110% range.
The board approved a second-quarter interim cash dividend of $85.3 million, or Dh313.3 million. Shareholders on record on August 20 will qualify for the payment.
ADNOC L&S said its dividend policy targets annual growth in dividend per share of at least 5% over the medium term.
