Adnoc L&S expects $4 billion full-year profit as tanker rates surge
Adnoc Logistics and Services raised its full-year profit forecast for the fourth time this year after third-quarter earnings more than quadrupled, as disruption from the Iran war drove up tanker charter rates. Net profit attributable to the equity holders of the company jumped 310 per cent to $842.7 million in the three months to the end of September, from $205.4 million a year earlier, the Abu…
Adnoc Logistics and Services (L&S), a subsidiary of Abu Dhabi National Oil Company, has raised its full-year profit forecast to $4 billion as the Iran war has led to a surge in tanker charter rates. In the third quarter, the company's net profit attributable to equity holders increased 310% to $842.7 million, while revenue rose 160% to $3.29 billion.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) nearly tripled to $1.09 billion. CEO Abdulkareem Al Masabi attributed the company's strong performance to the resilience of its people and businesses. The tanker industry has benefited from the war, with daily rates for very large crude carriers (VLCCs) on the Gulf-to-Asia route reaching over $1 million in September and about $1.4 million in early October.
This has led to a significant increase in Adnoc L&S's nine-month profit attributable to equity holders, which grew 219% to $1.96 billion. To capitalize on the windfall, the company has committed $7 billion in capital expenditure through 2030 and has signed forward-contracted revenue of about $24 billion.
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.
