Adnoc L&S revenue slides but net profit higher

Adnoc Logistics & Services (Adnoc L&S) reported a slip in revenue in the first quarter of 2026 but remained in the black despite the Iran conflict.

The company reported lower utilisation and reduced day rates across its floating barges.

Revenue fell 10 percent year on year to AED4 billion ($1.1 billion), driven by a 23 percent decline in the logistics segment.

“Higher global shipping rates helped offset the impact of disruptions to international shipping through the Strait of Hormuz,” CEO Abdulkareem Al Masabi said in a statement to the Abu Dhabi Securities Exchange.

The business continues to benefit from long-term contracted revenue, which accounts for about 60 percent of combined revenue, he said.

Net profit rose 20 percent year on year to AED816 million on higher shipping rates and profit share from joint ventures.

The Adnoc subsidiary raised its 2026 guidance for revenue and net income, following its April performance and an improved outlook for shipping market fundamentals.

The company’s share price closed at AED5.79 on Wednesday and is down 2 percent in the year to date.

XRG, Adnoc’s low-carbon energy and chemicals investment arm, owns 78 percent of Adnoc L&S.

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