By: AGBI

Adnoc Logistics and Services (Adnoc L&S) said earnings were reduced due to lower commercial shipping rates, despite revenues rising by nearly half in the first quarter of 2025.

Net profit fell 5 percent year on year to $185 million (AED678 million) for the three months ending March 31, 2025, the company said in a statement to the Abu Dhabi Securities Exchange on Monday.

Revenue reached $1.2 billion, a 41 percent year-on-year increase.

Revenue from the integrated logistics segment rose 23 percent annually to $628 million, primarily driven by higher revenues from engineering, procurement and construction (EPC) projects.

Despite weaker rates across the market, the shipping segment reported an 87 percent increase in revenue to $469 million in the first quarter of 2024.

The Adnoc subsidiary said its dividend policy remains unchanged, with a projected dividend payout of $287 million in 2025, up 5 percent from 2024.

Shares of Adnoc L&S closed at AED4.81 on Friday, down 11 percent from the start of the year. Adnoc holds an 81 percent stake in the company.