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ADNOC L&S has recently announced strong results for the first three months of 2025. Revenues generated in the first quarter amounted to US $1,181 million (AED 4,339 million), a 41% year-on-year increase, while the net profit was US $185 million (AED678 million). This was down 5% compared to the first quarter of 2024 but was up 3% on the previous quarter.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “We continue to deliver robust financial results and significant business growth. Our recent acquisition of 80% of Navig8, and the integration of their capabilities into our expansive services portfolio, further strengthens our customer offerings and international footprint, unlocking new shareholder value. Moving forward, we will continue to deliver on our transformational growth strategy while leveraging cutting-edge technologies and AI solutions to further enhance operational efficiencies.”
Revenues from the Shipping segment increased 87% to US $469 million (AED1,722 million), compared to the same period in 2024, driven primarily by the consolidation of revenue from the Navig8 tanker fleet. Shipping profitability on an EBITDA basis increased 26% to $143 million (AED527 million) compared to the same period last year, generating a robust EBITDA margin of 31%.
Additionally, revenues from the Services segment increased 9% to $84 million (AED310 million) compared to the first quarter of 2024. EBITDA from the Services segment grew 52% year-on-year to US $18 million (AED66 million), mainly reflecting higher Borouge Container Terminal volumes.
Furthermore, revenues from Integrated Logistics increased to US $628 million (AED2,307 million), up 23% compared to the equivalent months of 2024. The increase was largely driven by higher revenues from Engineering, Procurement and Construction (EPC) projects including the Al Omairah Island and Hail & Ghasha projects, and improved utilisation and rates earned from Jack-Up Barges (JUBs).
