ADNOC Logistics and Services plc (ADNOC L&S) reported record-breaking financial results for the second quarter (Q2) and first half (H1) of 2025, surpassing market expectations with double-digit growth across its core business segments despite a volatile global shipping market.
In Q2 2025, revenue rose 40% year-on-year (YoY) to $1.258 billion (AED4.618 billion), while EBITDA increased 31% YoY to $400 million (AED1.470 billion). Net profit for the quarter climbed 14% YoY to $236 million (AED866 million).
For H1 2025, ADNOC L&S posted revenue of $2.439 billion (AED8.957 billion), up 40% YoY. EBITDA grew 26% YoY to $744 million (AED2.732 billion), maintaining an EBITDA margin of 30%, while net profit rose 5% YoY to $420 million (AED1.544 billion) – an 18% increase compared to H2 2024.
The company attributed its strong performance to a resilient and diversified business model that offset weaker charter rates in the Gas, Tankers, and Dry Bulk markets. On the back of sustained momentum, ADNOC L&S has upgraded its full-year guidance, expecting faster growth driven by operational efficiency and strategic expansion.
Segment Performance
- Integrated Logistics: Revenue grew 22% YoY to $1.293 billion (AED4.748 billion), supported by higher utilisation and rates for Jack-up Barges (JUBs), stronger profitability from the Integrated Logistics Solution Platform (ILSP), and increased chartering beyond the ILSP. Engineering, Procurement, and Construction (EPC) projects such as G-Island and Hail & Ghasha also contributed to revenue growth. EBITDA rose 27% YoY to $420 million (AED1.542 billion).
- Shipping: Revenues surged 89% YoY to $981 million (AED3.602 billion), largely driven by the consolidation of the Navig8 tanker fleet. Despite weaker market conditions compared to H1 2024, shipping EBITDA increased 25% YoY to $290 million (AED1.067 billion), sustaining a robust 30% margin.
- Services: Revenue increased 4% YoY to $165 million (AED607 million), with EBITDA up 22% YoY to $33 million (AED121 million), boosted by higher volumes at the Borouge Container Terminal and profits from Navig8’s bunkering unit, Integr8.
Growth Momentum
ADNOC L&S continues to focus on streamlining operations, enhancing asset utilisation, and advancing integration between its subsidiaries, including Navig8 and Zakher Marine International (ZMI). The company said its strong operating cash flow and strategic partnerships position it to capitalise on growth opportunities in shipping, logistics, and marine services.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said the record results reflect the strength of the company’s growth strategy and its ability to outperform market expectations, citing robust cash flows, operational excellence, and diversified revenue streams as key drivers.
–Input WAM
