Adnoc L&S records increases across the board in FY 2025

Abu Dhabi National Oil Company Logistics and Services (Adnoc L&S) recorded a 29% y-o-y increase in net income to USD 232 mn in 4Q 2025, according to an earnings release. The firm’s revenues climbed 35% y-o-y to USD 1.2 bn during the same period.

On a yearly basis: Adnoc L&S saw its bottom line rise 14% y-o-y to USD 863 mn (AED 3.2 mn) in FY 2025, while its top line also witnessed robust growth — increasing 41% y-o-y to USD 5 bn during the same period, driven by strong performance across the company’s core and growth segments, the statement adds.

By segment:

  • The firm’s integrated logistics segment saw its revenues rise 11% y-o-y to USD 2.5 bn on the back of increased market demand and growth;
  • Meanwhile, the company’s shipping segment’s top line was up 122% y-o-y to USD 2 bn;
  • Lastly, the services division saw revenues increase 16% y-o-y to USD 362 mn, due to commercial pooling and contributions from Navig8’s Integr8 bunkering operations.

As for 2026, Adnoc L&S is doubling down on LNG to fuel its global trade ambitions: The UAE energy giant’s logistics arm is looking to accelerate its tanker fleet expansion plans in 2026 — with moves to award as many as six LNG new build contracts to South Korean shipbuilders Samsung Heavy Industries and Hanwha Ocean, Adnoc L&S CEO Abdulkareem Al Masabi told Bloomberg. No investment ticket has been disclosed yet.

14 going on 20: The new order will come in addition to 14 LNG carriers already contracted to support the UAE’s export projects. Adnoc L&S will uptake delivery of two tankers this year –– buidling on four already in its fleet –– earmarked to transport gas from Abu Dhabi’s export terminal at Das Island.

All part of a bigger play: Adnoc’s international investment arm XRG has been on anacquisition spree — onboarding stakes in gas fields and export projects abroad while also inking supply agreements.

Aramex reports a mixed bag of 4Q + FY 2025 earnings

Aramex posted a fall in normalized net income — excluding acquisition and transformation costs — of 24.9 mn in 4Q 2025, down 62% y-o-y, while revenue was flat y-o-y at AED 1.7 bn, according to an earnings release (pdf).

Breaking 4Q down: Domestic express was up 8% to AED 520 mn, freight forwarding slipped 2% to AED 454 mn, and logistics grew 13% to AED 138.5 mn.

The full year kept the same shape: Normalized net income fell 40% to AED 85 mn, while revenue inched up 1% to AED 6.4 bn. Domestic express rose 9% to AED 1.8 bn, freight forwarding inched up 4% to AED 1.8 bn, and logistics climbed 18% to AED 536.7 mn.

Ground handling drives SAL Saudi Logistics’ positive earnings

SAL Saudi Logistics’ net income rose 5.5% y-o-y to SAR 697.9 mn in 2025, it said in a Tadawul disclosure. Revenue increased 4.6% y-o-y to SAR 1.7 bn during the year. The growth was backed by a 6.9% rise in ground handling revenue despite a slight 1.1% decline in handled volumes from last year’s high base.

In 4Q 2025, SAL’s net income jumped 42% y-o-y to SAR 201.7 mn, while its revenue climbed 24.6% y-o-y to SAR 509.2 mn.

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