Adnoc L&S Surges 40 Percent in Revenue and Unveils $3 Billion Expansion Plan for 2029

Adnoc L&S, a subsidiary of Abu Dhabi National Oil Company, has announced a bold $3 billion increase in capital expenditure, aimed at boosting capacity through 2029—exclusive of its previously disclosed projects. This strategic move underscores an aggressive post-IPO investment drive.

Second-quarter financials reveal revenue of $1.25 billion, marking a 40% year-over-year jump, while net profit climbed 14% to $236 million. For the first half of 2025, cumulative revenue hit $2.43 billion, also up 40%, with net profit rising to $420 million—a 5% increase over last year.

CEO Abdulkareem Al Masabi credited the company’s diversified strengths in logistics, shipping, and services for the robust results. Recent years have seen Adnoc L&S acquire leading offshore and tanker companies, with the latest being the complete takeover of Navig8 Group. The company is also ramping up investments in new shipbuilding, especially in gas carriers.

Al Masabi highlighted disciplined financial management, keeping net debt/EBITDA between 2.0 and 2.5, and credited strong cash flow and strategic partnerships for exceeding market expectations. On the back of these results, Adnoc L&S has raised its full-year revenue growth forecast to the upper end of 20% and expects net profit to grow in the low-to-mid double digits.