Abu Dhabi National Oil Company Logistics and Services (Adnoc L&S) saw its bottom line decline by 5% y-o-y to USD 185 mn (AED 680 mn) in 1Q 2025, according to an earnings release (pdf). The firm’s topline recorded a 41% y-o-y increase to USD 1.2 bn, which the firm attributed to expanded initiatives, heightened demand, enhanced operational efficiencies, and the recent Navig8 acquisition.

By the segment:

  • The firm’s integrated logistics segment saw its net income rise by 14% y-o-y to USD 119 mn, while its revenue rose by 23% y-o-y to USD 628 mn in 1Q 2025, driven by heightened earnings and acquisitions of jack-up barges (JUBs) as well as heightened contracted logistics volumes;
  • Meanwhile, the company’s shipping segment’s bottomline dropped by 25% y-o-y to USD 61 mn, while its revenues increased by 87% y-o-y to USD 469 mn, pushed by Navig8’s acquisition and the transferred tankers ’ revenue;
  • Lastly, the company’s services department saw its net income surge 138% y-o-y to USD 11 mn, while its revenues grew by 9% y-o-y to USD 84 mn.

Future forecast: Adnoc L&S expects to see a slight y-o-y increase in 2025 across its integrated logistics division. The firm forecasts its revenue for its shipping segment to remain in the low 80% range, while it projects its services cluster to be in the double-digit percentage range.

REMEMBER- The first full financial year following the acquisition of Navig8 is expected to see a minimum 20% boost to Adnoc L&S’ earnings per share in 2025, saving some USD 100 mn per year in technical management costs and costs associated with bunkering operations. The move added 32 tankers to the firm’s fleet, expanding its service portfolio to include commercial pooling and bunkering.

ICYMI- The firm recorded a 9% y-o-y increase in its net income to AED 660 in 4Q 2024, while its revenue bolstered 6% y-o-y to AED 3.24 bn (USD 881 mn) during the same period.

TALABAT-

Talabat saw its adjusted net income rise 24% y-o-y to USD 99 mn in 1Q 2025, while management revenues rose 34% y-o-y to USD 846 mn, according to its earnings release (pdf). Delivery Hero’s Middle East unit adjusted its net income for “material non-recurring items to allow for a like-for-like comparison,” including an FX loss on a loan to Talabat Egypt due to the EGP devaluation in March 2024. Unadjusted, Talabat’s net income for the quarter came in at USD 103 mn, up 278% y-o-y. Gross merchandise value rose 33% y-o-y to USD 2.1 bn when adjusting for currency variations, Talabat said in its earnings presentation (pdf).

Driving the growth: “Our Groceries and Retail vertical contributed approximately one-third of GMV when including Instashop for the full quarter,” Talabat CEO Tomaso Rodriguez is quoted as saying. Talabat had acquired Instashop in March.

Talabat’s adjusted EBITDA came in at USD 140 mn, rising 34% y-o-y during the quarter and equivalent to 6.7% of gross merchandise value, up 0.2 percentage points y-o-y, according to the release.

Dividends: The company’s AGM approved distributing USD 110 mn in dividends for 4Q 2024, and Talabat “remains on track to pay a minimum of USD 400 mn in dividends for the full year of 2025,” according to the presentation.

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