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 (Adnoc L&S) announced a significant increase in its second-quarter profit, with net profit reaching nearly $917 million, a fourfold jump from $229 million in the same period last year. This surge in earnings was primarily driven by a strong performance in the shipping business, despite the geopolitical uncertainties caused by the Iran war.
The company's revenue for the quarter surged to $2.58 billion, marking a more than doubling from the previous year. Adnoc L&S also raised its financial guidance for 2026 for the third time, citing higher earnings as the reason for the upward revision. The company's CEO, Abdulkareem Al Masabi, attributed the exceptional earnings to strong fundamentals in the shipping market, disciplined execution, and the ability to quickly respond to volatile market conditions.
Masabi expressed optimism about the future, stating that the company's fleet investments will enable Adnoc L&S to accelerate global expansion and transformative growth. He emphasized that these efforts are aimed at creating long-term value for shareholders.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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