Strong Revenue and Profit Growth
ADNOC Logistics & Services (ADNOC L&S) reported record nine-month results for 2025. Revenue rose 39% YoY to $3.71 billion. EBITDA grew 30% to $1.12 billion. Net profit reached $631 million, up 9% YoY.
Q3 Highlights
In Q3, revenue increased 36% YoY to $1.27 billion. EBITDA grew 38% to $379 million. Net profit climbed 20% to $211 million. All business segments contributed to growth.
Dividend Boost
The company announced a 20% YoY increase in full-year dividend to $325 million. Dividends will now be paid quarterly, with a 5% annual increase planned through 2030.
Segment Performance
-
Integrated Logistics: Revenue up 17% YoY to $1.96 billion. EBITDA rose 26% to $635 million. Growth came from Jack-Up Barges, ILSP services, and EPC projects.
-
Shipping: Revenue surged 99% YoY to $1.48 billion, mainly from Navig8 tanker fleet consolidation. EBITDA rose 39% to $438 million.
-
Services: Revenue increased 7% YoY to $269 million, and EBITDA grew 12% to $51 million, driven by Borouge Container Terminal volumes and Navig8 bunkering profits.
Strategic Developments
ADNOC L&S will join the MSCI Emerging Market Index, attracting an estimated $200 million in passive capital inflows. The company signed a $531 million, 15-year logistics contract with Borouge. ADNOC L&S and TA’ZIZ launched a 50-year chemicals port agreement in Ruwais, expected to generate $1.3 billion in revenue over 27 years.
Fleet Expansion
ADNOC L&S added two new LNG carriers, Al Rahba and Al Reef, and received two Very Large Ethane Carriers (VLECs). The VLECs operate under 20-year charters, contributing $4 billion in long-term revenue.
Technology and Efficiency
The company deployed a GCC-first AI-powered Smart Port Solution, cutting service sourcing time from 3 hours to 45 seconds. Container handling improvements increased capacity by up to 40% and improved port efficiency.
Outlook
ADNOC L&S expects high 20% YoY revenue growth, mid-20% EBITDA growth, and low-to-mid double-digit net income growth for 2025. The company plans to maintain a 2.0–2.5x net debt to EBITDA ratio through 2030 and has capacity for $3 billion additional investment.
CEO Statement
Captain Abdulkareem Al Masabi said: “Our diversified business, long-term contracts, and operational excellence drive sustainable growth. ADNOC L&S is expanding capacity, capturing value-accretive opportunities, and reinforcing its position as a global energy maritime logistics leader.”
