ADNOC L&S profit triples to Dh7.6 billion as global shipping rates surge
Dubai: Higher global shipping rates have helped ADNOC Logistics and Services (ADNOC L&S) more than triple its profit in the first nine months of 2026, even as regional disruptions weighed on parts of its offshore operations. The Abu Dhabi-listed company's net profit surged 227% to Dh7.57 billion during the nine months ended September 30, while revenue climbed 82% to Dh25.55 billion. Earnings…
Abu Dhabi-based ADNOC Logistics and Services (ADNOC L&S) saw its first nine-month profit more than triple to Dh7.57 billion in 2026, as global shipping rates surged, the company reported. Revenue climbed 82% to Dh25.55 billion, and EBITDA rose 128% to Dh9.41 billion. Shipping drove most of the earnings growth, with nine-month revenue jumping 217% to Dh18.70 billion.
Net profit from the segment surged 846% to Dh6.50 billion, supported by higher charter rates and additional vessels entering the fleet. However, offshore operations faced pressure due to regional disruptions, with Integrated Logistics revenue falling 19% to Dh5.82 billion and net profit dropping 46% to Dh843 million. The company has committed $7 billion, or approximately Dh25.7 billion, in capital expenditure through 2030 to expand its fleet and international operations.
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