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 before interest, tax, depreciation and amortisation (EBITDA) rose 128% to Dh9.41 billion.
The results highlight the contrasting impact of regional conditions on the company's businesses. Stronger international charter rates have lifted earnings from its shipping fleet, while lower utilisation and daily rental rates have affected its offshore jack-up barges.
ADNOC L&S has now raised its full-year earnings guidance for the fourth time in 2026, citing continued strength in shipping markets and demand for maritime logistics services across ADNOC Group.
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Shipping drives profit growth
The shipping division accounted for most of the company's earnings growth, with nine-month revenue rising 217% to Dh18.70 billion.
Net profit from the segment jumped 846% to Dh6.50 billion, supported by higher charter rates, ongoing chartering activity and additional vessels entering the fleet.
Shipping generated approximately 86% of the group's reported nine-month net profit, illustrating how strongly the company's…
