Abu Dhabi: ADNOC Logistics and Services (ADNOC L and S) plc announced on Monday its financial results for the first quarter (Q1) ending 31st March 2025, revealing a revenue of $1,181 million (AED4,339 million), which represents a 41 percent increase compared to the same period last year.
According to Emirates News Agency, EBITDA increased by 20 percent to $344 million (AED1,262 million), maintaining an EBITDA margin of 29 percent. However, the net profit for Q1 2025 was $185 million (AED678 million), marking a 5 percent decrease compared to Q1 2024, primarily due to lower commercial shipping rates. Despite this, the net profit showed a 3 percent increase compared to the previous quarter.
ADNOC L and S attributes its performance to strategic diversification and a resilient business model, which supports strong net profit and operating cash flow. The company is focused on unlocking value and efficiencies from its extensive asset portfolio and leveraging synergies from its subsidiaries, Navig8 and Zakher Marin
e International (ZMI).
Captain Abdulkareem Al Masabi, CEO of ADNOC L and S, highlighted the company’s robust financial results and significant business growth. He noted the impact of acquiring 80 percent of Navig8, which has enhanced customer offerings and expanded the company’s international footprint, creating new shareholder value. He emphasized the commitment to a transformational growth strategy and the use of cutting-edge technologies and AI to improve operational efficiencies.
The Integrated Logistics segment saw revenues rise to $628 million (AED2,307 million), up 23 percent compared to Q1 2024, driven by higher revenues from Engineering, Procurement, and Construction (EPC) projects and improved utilisation of Jack-Up Barges (JUBs). The segment’s EBITDA increased by 15 percent to $182 million (AED669 million).
The Shipping segment experienced an 87 percent increase in revenues, reaching $469 million (AED1,722 million), fueled by the consolidation of Navig8 tanker fleet revenues. Shipping EBITDA ros
e 26 percent to $143 million (AED527 million), achieving a strong EBITDA margin of 31 percent.
The Services segment reported a 9 percent increase in revenues to $84 million (AED310 million) compared to Q1 2024, with EBITDA growing 52 percent year-on-year to $18 million (AED66 million), primarily due to higher volumes at Borouge Container Terminal and profits from Integr8.