ADNOC Logistics and Services reported a record second-quarter net profit of $951 million (AED3.491 billion) for 2026, a 303 percent jump from the same period last year, as its shipping business drove a sharp rise in earnings and prompted the company to raise its full-year guidance for the third time.
For UAE investors and the wider Abu Dhabi energy and maritime sector, the results confirm that ADNOC L&S's fleet expansion strategy is translating into outsized earnings growth rather than just top-line volume.
Quarterly and half-year numbers
Second-quarter revenue reached $2.584 billion (AED9.490 billion), up 98 percent year-over-year, while EBITDA climbed 176 percent to $1.106 billion (AED4.063 billion).
For the first half of 2026, revenue rose 46 percent to $3.667 billion (AED13.466 billion), and net profit climbed 179 percent to $1.173 billion (AED4.308 billion).
The shipping segment was the standout performer. Its first-half revenue more than doubled, rising 132 percent to $2.438 billion (AED8.952 billion), while segment net profit surged 693 percent to $997 million (AED3.661 billion).
Fleet growth behind the numbers
ADNOC L&S has been rapidly expanding its shipping capacity. Between the second half of 2025 and the first half of 2026, the company took delivery of four new LNG carriers, two very large ethane carriers and one Ultramax vessel.
Among these, the LNG carrier Arada joined the fleet in March 2026, followed by Al Taweelah in April 2026, which completed a six-vessel program originally ordered in 2022.
The company also completed the Al Omairah Island project in the fourth quarter of 2025.
Since the start of 2026, ADNOC L&S has announced vessel acquisitions and newbuild commitments worth approximately $2.3 billion, and it holds $5.7 billion in committed capital expenditure to support further fleet growth.
New partnership and outlook
In May 2026, ADNOC L&S signed an agreement with Emirates Global Aluminium to explore opportunities in transportation, fleet management and infrastructure, pointing to further diversification of its logistics business beyond energy shipping.
Captain Abdulkareem Al Masabi, chief executive of ADNOC L&S, said "strong shipping fundamentals, disciplined execution and a rapid response to volatile market conditions supported the exceptional earnings and cash generation achieved during the first half."
He added that "continued fleet investment would accelerate the company's international expansion and transformative growth while creating long-term value for shareholders."
The record quarter marks the third time this year that ADNOC L&S has raised its full-year 2026 earnings guidance, reflecting sustained momentum across its shipping operations as new vessels enter service and the company deepens partnerships across the UAE's industrial and logistics sectors.