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ADNOC Logistics and Services posted a record net profit of $951 million for the second quarter of 2026, a 303 percent increase from the same period a year earlier, according to interim financial results the company filed with the Abu Dhabi Securities Exchange. Second-quarter revenue climbed 98 percent year on year to $2.584 billion while EBITDA rose 176 percent to $1.106 billion, the filing showed. For the first half, the group recorded revenue of $3.667 billion, up 46 percent, with net profit reaching $1.173 billion, an improvement of 179 percent, and EBITDA of $1.475 billion at a 40 percent margin.
The company raised its 2026 guidance for the third time, lifting projected revenue growth to the mid-20 percent range from an earlier forecast of low single-digit expansion and increasing expected net profit growth to more than 110 percent from over 60 percent. ADNOC L&S based the revisions on strong first-half earnings momentum while adopting a conservative stance on offshore contracting volumes amid market uncertainty. The updated outlook assumes shipping markets remain robust for the remainder of the year.
Captain Abdulkareem Al Masabi, chief executive of ADNOC L&S, attributed the performance to solid shipping fundamentals, disciplined operational execution and the ability to capitalise swiftly on market opportunities. “Strong shipping market fundamentals, disciplined execution and our quick response to markets have enabled us to deliver this record H1 result,” Al Masabi said in the announcement. He added that ongoing fleet investments are accelerating the company’s global expansion.
ADNOC L&S has deployed approximately $2.3 billion year to date on vessel acquisitions and newbuilds as part of a $5.7 billion capital expenditure plan focused on fleet growth. The group took delivery of the LNG carrier Arada in March and Al Taweelah in April while signing a strategic cooperation agreement with Emirates Global Aluminium to strengthen logistics and supply chain resilience across key operations. These steps build on diversified activities spanning integrated logistics, shipping and marine services.
The company is advancing artificial intelligence and digital initiatives, including deployment of the Integrated Logistics Management System and introduction of the SeaOwl remotely operated vehicle landing craft. Such technologies support efficiency gains across its portfolio as the firm maintains a medium-term net debt to EBITDA target between 2.0 and 2.5 times. ADNOC L&S reported full-year 2025 net profit of $863 million, according to its earlier annual results announcement, establishing a baseline for the current expansion.
Directors approved an interim dividend of $85.3 million for the second quarter, in line with the established policy of stable quarterly payouts and at least 5 percent annual growth through 2030. The results reflect the group’s role in supporting ADNOC Group’s broader activities through expanded logistics capacity and reliable shipping services. ADNOC L&S continues to execute its vessel construction programme, including four additional LNG carriers under a memorandum of agreement signed in July 2026.
