ADNOC Logistics & Services (ADNOC L&S) reported a sharp rise in second-quarter profit, supported by stronger shipping rates, increased chartering activity and fleet expansion. The Abu Dhabi-based company also raised its 2026 earnings guidance for the third time this year.
The company’s second-quarter net profit reached $951 million, marking a 303% increase from the year-earlier period. The strong performance highlights the benefits of higher freight rates and growing demand for maritime logistics services.
Reportedly, second-quarter revenue jumped 98% year-on-year to $2.58 billion, while EBITDA rose 176% to a record $1.11 billion. For the first half, revenue increased 46% to $3.67 billion, EBITDA rose 98% to $1.48 billion and net profit climbed 179% to $1.17 billion. The EBITDA margin expanded by 11 percentage points to 40%.
The firm has intensified its investments in ship acquisition to improve its market power in crude oil and gas transportation services. ADNOC L&S invested close to $2.3 billion in acquiring ships and constructing new ships in the year 2026. It has now invested about $5.7 billion in total. Last month, the firm announced an investment worth $1.3 billion in buying 11 ships, including five very large crude carriers and six very large gas carriers.
ADNOC L&S raised its full-year 2026 earnings guidance for the third time, reflecting continued confidence in shipping markets.
The company believes that improved performance in shipping will drive revenues and earnings for the rest of the year. At the same time, the company notes that regional developments can have an impact on shipping.
Also Read: Riyadh-Mumbai Flights: flyadeal Adds New India Route from October