ADNOC L&S posts US$2.1B nine-month profit as shipping revenue triples
Net profit declined 46% to US$230 million, partly reflecting an expected credit loss provision for the JUB fleet.
UAE – ADNOC Logistics and Services has reported third-quarter revenue of US$3.291 billion, up 149% year on year. EBITDA rose 187% to US$1.088 billion, and net profit increased 321% to US$887 million, according to a company statement.
For the nine months to 30 September 2026, revenue increased by 82% to US$6.957 billion, EBITDA rose by 128% to US$2.563 billion and net profit increased by 227% to US$2.060 billion.
Shipping surge and Integrated Logistics headwinds
Shipping revenue increased by 217% year on year to US$5.091 billion, with EBITDA up 362% to US$2.024 billion and net profit up 846% to US$1.769 billion.
The segment benefited from higher global charter rates, ongoing chartering activity, and fleet additions delivered in the first nine months of the year and in the fourth quarter of 2025.
Integrated Logistics generated revenue of US$1.585 billion, 19% lower year on year, reflecting the scheduled run-off of project revenues after the completion of the Al Omairah Island project in the fourth quarter of 2025.
EBITDA fell 29% to US$448 million, as regional geopolitical conditions reduced utilization and day rates across the jack-up barge fleet.
Meanwhile, net profit declined 46% to US$230 million, partly reflecting an expected credit loss provision for the JUB fleet.
Services revenue rose 5% to US$281 million, with EBITDA up 76% to US$90 million and net profit up 122% to US$61 million, driven by commercial pooling and strong bunkering margins at Integr8.
Capital commitment and dividend policy
ADNOC L&S has committed US$7.0 billion in capital expenditure through 2030.
The board approved an interim cash dividend of US$85.3 million for the third quarter, in line with a policy of progressive annual per-share dividend increases of at least 5% through 2030.
In addition, the company raised full-year 2026 earnings guidance for the fourth time and targets a medium-term net debt-to-EBITDA ratio of 2.0-2.5x.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “Resilience has defined our performance this year, reflecting the strength of our people and our businesses. Our seafarers and employees continue to deliver energy from the UAE to the world, while our global platform and long-term contracts are generating significant value and returns for our shareholders.”
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