ADNOC L&S plc announces $1.18 billion revenue for Q1
ABU DHABI (ALETIHAD)ADNOC Logistics and Services (ADNOC L&S) plc announced on Monday financial results for the first quarter (Q1) ending March 31, 2025. ADNOC L&S revenue for Q1 was $1.81 billion (Dh4.33 billion), a 41 percent year-on-year increase.EBITDA rose by 20 percent to $344 million (Dh1.26 billion) in the same period, driven by robust performance across all business segments, sustaining the EBITDA margin at 29 percent.Net profit for Q1 2025 was $185 million (Dh678 million), down 5 percent compared to Q1 2024, mainly due to lower commercial shipping rates, but up 3 percent compared to the previous quarter.Despite evolving market conditions, ADNOC L&S' strategic diversification and resilient business model supports delivery of strong net profit and operating cash flow. The company continues to unlock additional value and efficiencies from its extensive portfolio of assets, while leveraging progressive synergies from its shipping and logistics subsidiaries, Navig8 and Zakher Marine International (ZMI).Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said, "ADNOC L&S continues to deliver robust financial results and significant business growth. Our recent acquisition of 80 percent 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," Al Masabi said.
Revenues from the Integrated Logistics segment increased to $628 million (Dh2.307 billion), up 23 percent compared to Q1 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).Integrated Logistics' EBITDA rose by 15 percent to $182 million (Dh669 million) compared to Q1 2024.Revenues from the Shipping segment increased 87 percent to $469 million (Dh1.72 billion), compared to Q1 2024, driven primarily by the consolidation of revenue from the Navig8 tanker fleet.Shipping EBITDA increased 26 percent to $143 million (Dh527 million) compared to the same period last year, generating a robust EBITDA margin of 31 percent.
Revenues from the Services segment increased 9 percent to $84 million (Dh310 million) compared to Q1 2024. EBITDA from the services segment grew 52 percent year-on-year to $18 million (Dh66 million), mainly driven by higher Borouge Container Terminal volumes and shares of profit from Integr8.
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