Shipping lifts Adnoc L&S, while airport closure drags Jazeera

Adnoc L&S’s revenue leans on shipping gains

Adnoc Logistics and Services (Adnoc L&S) saw its net income rise 20% y-o-y to USD 222 mn in 1Q 2026, according to its latest financial release. However, the firm’s revenue dropped 10% y-o-y to around USD 1.1 bn over the quarter, which the firm attributes to the scheduled runoff of project revenues after the Al Omairah Island megaproject was delivered to Adnoc offshore in 4Q 2025.

By segment: The firm’s shipping segment saw its revenue rise 4% y-o-y to USD 512 mn on the back of stronger global charter rates and the addition of new vessels. The services segment increased 5% to USD 89 mn, supported by contributions from the Integrated Logistics Service Platform, alongside added returns from Navig8. The integrated logistics segment declined 23% to USD 481 mn due to the Al Omairah Island megaproject base effect, lower jack-up barge utilization, and softer day rates amid regional geopolitical disruptions.

Regional disruptions weigh on Jazeera Airways’ earnings

Kuwait’s Jazeera Airways swung to the red in 1Q 2026, reporting a KWD 1.1 mn net loss, compared to a net income of KWD 4.7 mn in the same quarter last year, according to its financial release (pdf). The carrier’s revenue also fell 15.8% y-o-y to KWD 45.1 mn during the period.

REMEMBER- Jazeera Airway saw its net loss shrink nearly 70% y-o-y to KWD 1.2 mn in 4Q 2025 on the back of boosted revenues. The carrier’s operating revenue increased 3.3% y-o-y to KWD 46.5 mn.