ADNOC L&S-

Adnoc Logistics and Services (Adnoc L&S) saw its bottom line climb 14% y-o-y to USD 236 mn in 2Q 2025, while revenues surged 40% y-o-y to roughly USD 1.3 bn, according to an earnings release. These are the company’s highest-ever quarterly results, management said.

In 1H terms: The firm’s bottom line rose 5% y-o-y to USD 420 mn for 1H 2025, while its top line went up 40% y-o-y to USD 2.4 bn for the same period.

Notable segments: The integrated logistics division saw its revenue rise by about 22% y-o-y in 1H, contributing some USD 1.3 bn to the top line. The surge was largely due to higher demand and rates for its jackup barges, along with improved profitability from its Integrated Logistics Solution Platform and chartering activity. The shipping segment also saw its revenues surge 89% y-o-y to reach USD 981 mn despite industry-wide headwinds, which the firm attributed to operational efficiency and the consolidation of fleet revenues from the acquisition of Navig8.

Adnoc L&S updated its full-year guidance, raising its revenue growth forecast for 2025 to the “high 20%s,” up from its previous projection of the “mid-to-high 20%s.” For net income, it now expects “low to mid double digit y-o-y growth” instead of “low double digit y-o-y growth,” the release said.

The market is bullish on Adnoc L&S: Each of the 16 international financial institutions that cover Adnoc L&S have issued a “strong buy” or “buy” recommendation for the company, citing strong financials and aggressive growth spree and potential. Wam reported on Monday. The recommendations come from analysts at HSBC, Morgan Stanley, and EFG Hermes, among others.

1Q was a mixed bag: Adnoc L&S saw its bottom line decline by 5% y-o-y to USD 185 mn in 1Q 2025, while the top line surged 41% y-o-y to USD 1.2 bn. The revenue uptick was attributed at the time to expanded initiatives, heightened demand, and enhanced operational efficiencies.

AGILITY-

ADX-listed Kuwaiti logistics firm Agility Global saw its revenues rise 8.3% y-o-y to USD 1.2 bn in 2Q 2025, driven by solid operational performance across all segments and heightened demand for its services, according to an ADX disclosure (pdf). The firm’s net income attributable to equity holders dropped from USD 29.8 mn to USD 24 mn during the same period, according to its earnings release (pdf).

Segment breakdown:

  • Menzies Aviation saw its revenue increase 9% y-o-y to USD 691 mn in 2Q 2025, on the back of boosted volumes from new operations in Portugal and Spain and steady cargo volumes across its regions of operation. The firm serviced nearly 1.5 mn flights with ground handling and fueling this quarter;
  • Agility’s fuel logistics arm Tristar reported a 17.3% y-o-y hike in its top line to USD 346 mn, which the firm attributed to its new retail fuel business in Sri Lanka;
  • Agility Logistics Parks’ top line recorded a 13% y-o-y jump to USD 14 mn in 2Q, citing strong demand for warehousing in Saudi Arabia, which has pushed occupancy rates above 90%.

The company also reported strong 1H revenues, which surged by 12% y-o-y to reach USD 2.3 bn. The firm’s bottom line for equity holders settled at around USD 45 mn, down from USD 60.3 mn a year earlier during the same period.

Looking forward: Kuwait’s Agility KSCP said in June it is planning to invest over KD 100 mn (USD 326.4 mn) through 2030 into Kuwait’s logistics and infrastructure sectors. Key focus areas will include expanding warehousing and industrial real estate capacity, rolling out data centers, supporting the development of economic zones, and modernizing customs systems.

REMEMBER- The firm saw its net income drop some 30% y-o-y to USD 21.4 mn in 1Q on the back of increased depreciation from new operating leases for growth and higher interest expenses following its listing on the ADX in May.

TALABAT-

UAE-based e-commerce firm Talabat saw its adjusted net income rise 25% y-o-y to USD 116 mn in 2Q 2025, while management revenue rose 35% y-o-y to USD 982 mn, according to its earnings release (pdf). The food-delivery provider adjusted its net income for “material non-recurring items to allow for a like-for-like comparison,” including unrealized FX losses on a loan to Talabat Egypt and interest expense on loans and interest income. Gross merchandise value rose 32% y-o-y to USD 2.4 bn, Talabat said in the release.

Talabat’s adjusted EBITDA for the quarter came in at USD 166 mn, rising 31% y-o-y and equivalent to 6.8% of gross merchandise value, down 0.03 percentage points compared to 2Q 2024.

Adjusted net income in 1H 2025 was up 90% y-o-y to USD 222 mn, with management revenue rising 34% y-o-y to USD 1.8 bn. GMV during the first six months of the year was up 31% y-o-y to USD 4.5 bn, while adjusted EBITDA rose 32% y-o-y to USD 305 mn. Adjusted EBITDA for 1H inched down 0.1 percentage point to 6.8%.

Driving the growth: Talabat saw top line growth across its operations in the GCC and non-GCC markets, with growth in its food and grocery and retail verticals. “Demand growth reflected accelerated customer acquisition and increased average order frequency,” according to the release. “The UAE, our largest market, maintained its robust growth trajectory in line with the overall pace of the group. Kuwait, our most established market, delivered impressive growth of over 20% for both the quarter and the first half of the year. Likewise, our food vertical grew more than 20% y-o-y,” Talabat CEO Tomaso Rodriguez is quoted as saying.

Full-year guidance revised upwards: Talabat is now guiding on revenue growth coming in at 29-32% for the full year, revising that figure upwards from a previous range of 18-20%. The company also revised its GMV growth forecast to 27-29%, up from 17-18% previously. Adjusted EBITDA margin was revised to 6.5%, compared to previous forecasts of 6.5-7.0%.

OQ Gas Networks-

Omani state-owned OQ Gas Networks (OQGN) saw its bottom line inch up to OMR 25.4 mn in 1H 2025, rising 13.4% y-o-y, according to an earnings release (pdf). OQGN’s revenues also rose 18.9% y-o-y to OMR 90.1 mn during the six-month period.

The drivers: The firm attributed its bottom line growth to lower operating expenses and financing costs, whereas improved revenues were largely driven by higher returns from construction and transmission activity.

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