Skip to content Skip to Search
Skip navigation

Lower shipping rates hit Adnoc L&S earnings

By Pramod Kumar
Revenues from the Adnoc L&S shipping segment increased 87 percent to $469 million from Q1 2024 Wam
Revenues from the Adnoc L&S shipping segment increased 87 percent to $469 million from Q1 2024

Adnoc Logistics and Services (Adnoc L&S) said earnings were reduced due to lower commercial shipping rates, despite revenues rising by nearly half in the first quarter of 2025.

Net profit fell 5 percent year on year to $185 million (AED678 million) for the three months ending March 31, 2025, the company said in a statement to the Abu Dhabi Securities Exchange on Monday.

Revenue reached $1.2 billion, a 41 percent year-on-year increase.

Revenue from the integrated logistics segment rose 23 percent annually to $628 million, primarily driven by higher revenues from engineering, procurement and construction (EPC) projects.

Despite weaker rates across the market, the shipping segment reported an 87 percent increase in revenue to $469 million in the first quarter of 2024.

The Adnoc subsidiary said its dividend policy remains unchanged, with a projected dividend payout of $287 million in 2025, up 5 percent from 2024.

Shares of Adnoc L&S closed at AED4.81 on Friday, down 11 percent from the start of the year. Adnoc holds an 81 percent stake in the company.

Register now: It’s easy and free

AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East.

Why sign uP

  • Exclusive weekly email from our editor-in-chief
  • Personalised weekly emails for your preferred industry sectors
  • Read and download our insight packed white papers
  • Access to our mobile app
  • Prioritised access to live events
Register for free

I’ll register later

Latest articles

Advertising for cryptocurrencies is on the rise in Egypt but regulators have issued warnings

Egypt renews warning over dealing in cryptocurrencies

Egypt has issued a fresh warning against dealing in bitcoin and other cryptocurrencies following a surge in local online advertisements for investment in these tools. The Financial Regulatory Authority (FRA) said these currencies lack official financial backing that guarantees their stability and that they could be used in terror funding. In a weekend statement on […]

BR Shetty founded NMC in the 1970s. The company exited administration in 2022

NMC’s BR Shetty fails to overturn $33m DIFC court ruling

BR Shetty has lost his bid to appeal against a $33 million judgment by the Dubai International Financial Centre Courts in a case linked to the collapse of the company he founded, NMC Health. In the ruling made public this month, Chief Justice Wayne Martin dismissed Shetty’s request to challenge the judgment in favour of […]

Kuwait City's central business district. Solar projects such as Shagaya will help Kuwait reach its target of 50% renewables by 2050

China to build large solar power plant in Kuwait

China has won a contract to build a large solar power park at the Shagaya renewable energy complex in the heart of the Kuwaiti desert. The facility will allow the Gulf state to increase renewables’ share of its energy mix to more than a quarter, a Kuwaiti minister said. The unnamed Chinese government company has […]

Al Haram Mosque and Kaaba, Mecca. With Saudi Arabia aiming for 150 million tourist visits by 2030, Best Western is expanding to service increasing demand, including religious travellers

Best Western Hotels to increase Saudi footprint

Best Western Hotels and Resorts plans to increase more than six-fold the number of hotels it operates in Saudi Arabia to tap a growing market in domestic and international business and leisure travel, the Arizona-based company said. BWH currently runs seven hotels, has 21 under development and is targeting as many as 45 by the […]

Russian President Vladimir Putin welcomes Egyptian President Abdel Fattah El-Sisi during their meeting in Moscow on May 9

Egypt and Russia increase trade after record 2024

Trade between Russia and Egypt rose sharply in the first two months of 2025 after setting a new record in 2024. “Last year bilateral trade turnover increased by more than 30 percent, reaching $9 billion,” state-run TASS news agency reported quoting Russian president Vladimir Putin speaking at a meeting with Egyptian President Abdel Fattah El-Sisi. […]

Talabat was listed on the DFM in December 2024, raising $2 billion

Ramadan sales support Talabat’s top-line growth

Talabat, the Dubai-listed online food ordering and delivery company, said its top line rose more than a quarter in the first three months of this year, supported by growth in the grocery and retail segments during the holy month of Ramadan. Net profit nearly tripled to $103 million in January to March period from $24 […]

The Wengfu acquisition will allow Fertiglobe to expand in vital sectors and diversify its global footprint

Fertiglobe buys Australia’s Wengfu fertiliser company

Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, is to acquire Wengfu’s fertiliser distribution business assets in Australia. The final value of the deal will be determined at closing, subject to regulatory approvals, the company said in a statement to the Abu Dhabi bourse on Monday. Wengfu Australia Pty […]

The value of real estate transactions in Sharjah reached AED13.2 billion in the first quarter of 2025, rising 32 percent year on year

Sharjah real estate demand rises on population growth

Real-estate transactions in Sharjah rose nearly a quarter in April 2025 following a strong start to the year, thanks to population growth and rising demand for residential units. The emirate registered 7,206 transactions, up 20 percent year on year, with a trading value reaching AED4 billion ($1 billion), the UAE state-run Wam news agency reported, […]

Egypt needs to boost natural gas production, which has fallen to 4.2 billion cubic feet per day, well below its domestic needs

Egypt clears $1.2bn in dues to foreign oil companies

Egypt has reportedly paid $1.2 billion this month to foreign oil companies to settle part of its overdue debts. Total arrears to foreign oil companies operating in oil and gas exploration and extraction has reached $7.5 billion, up from $6.3 billion at the beginning of April, an unnamed government official told Asharq Business, an Arabic […]

US President Donald Trump disembarks Air Force One. The Qatari 747 is intended to be a replacement

Trump plans to use Qatari 747 as Air Force One

US President Donald Trump’s administration intends to accept a Boeing 747-8 plane as a gift from the Qatari royal family that would be outfitted to serve as Air Force One, according to a source briefed on the matter. The luxury plane, which would be one of the most valuable gifts ever received by the US government, […]

Products from Oman's Sohar polymer facility will support oilfield operations in the Middle East

Oman’s largest chemical plant to start production next year

The first phase of a $300 million polymer project in Oman’s Sohar Port will be launched in the first quarter of next year. The plant will be operated by ZL EOR Chemicals, a Canada-based specialist in enhanced oil recovery projects. The facility’s capacity will reach 350,000 tonnes per annum on completion, placing it among the […]

UAE advanced technology minister Sultan Al Jaber will chair the new venture between IHC and BlackRock

IHC enters reinsurance business with BlackRock

Abu Dhabi-listed IHC plans to establish a $1 billion local artificial intelligence (AI)-driven reinsurance platform with New York-based asset manager BlackRock. The venture will target more than $10 billion in liabilities through a buy-and-build strategy, with Lunate, the alternative investment manager based in Abu Dhabi, also joining as a partner, IHC said in a statement. […]