Adnoc L&S Q2 profit surges fourfold on higher revenue boosted by ship business
Adnoc Logistics and Services reported a fourfold jump in its second-quarter profit as revenue more than doubled on the back of a strong performance of its shipping business despite the uncertain geopolitical situation triggered by the Iran war. Net profit attributable to the equity holders of the company in the three months to the end of June climbed to nearly $917 million compared to $229…
Adnoc Logistics and Services (L&S) reported a significant increase in its second-quarter profit, reaching nearly $917 million, four times higher than the $229 million earned during the same period last year. This surge in profits is attributed to a robust performance in their shipping business, despite the geopolitical uncertainty caused by the Iran war.
The company's revenue for the quarter rose to $2.58 billion, marking a doubling from the previous year. In response to this strong financial performance, Adnoc L&S has raised its financial guidance for the year 2026 for the third time. The company's CEO, Abdulkareem Al Masabi, attributed the exceptional earnings and cash generation to strong fundamentals in the shipping market, disciplined execution, and their ability to swiftly adapt to volatile market conditions.
Additionally, Al Masabi highlighted that their fleet investments will facilitate Adnoc L&S's global expansion and transformative growth, ultimately creating long-term value for their shareholders.
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