ADNOC L&S reports 321% rise in Q3 net profit to US$887 million

ADNOC Logistics & Services (ADNOC L&S) reported a 321% year-on-year increase in net profit to US$887 million in the third quarter of 2026, supported by strong demand across its logistics operations and increased contributions from offshore support services.

The company’s logistics and cargo-related operations continued to expand, with additional offshore support vessels and jack-up barges generating incremental business. Its Services segment also recorded a 122% increase in net profit to US$61 million, driven by stronger bunkering margins and commercial pooling activities.

For the first nine months of 2026, ADNOC L&S recorded a net profit of US$2.06 billion, up 227% year-on-year, while EBITDA increased 128% to US$2.56 billion.

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “Resilience has defined our performance this year, reflecting the strength of our people and our businesses. Our seafarers and employees continue to deliver energy from the UAE to the world, while our global platform and long-term contracts are generating significant value and returns for our shareholders.”

The company has committed US$7 billion in capital expenditure through 2030 and raised its full-year 2026 earnings guidance for the fourth time, reflecting stronger market conditions and contributions from its logistics services.