ADNOC Gas Profit Doubles From Second Quarter to $1.34 Billion as It Lifts 2026 Outlook

The result is far above what the company had expected. With its second-quarter results in August, ADNOC Gas said it expected third-quarter net income of $600 million to $800 million, assuming that disruption to shipping through the Strait of Hormuz continued. It put full-year net income at $3.5 billion to $4 billion, but only if maritime operations were fully restored by the fourth quarter and product prices returned to normal. The new floor of $4 billion is at the top of that earlier range. The company said the raised guidance still depends on conditions at sea in the region, which it is watching closely.

Against the same quarter last year, the result is flat. ADNOC Gas also earned $1.34 billion in the third quarter of 2025, then a record for that quarter. MarketScreener reported that attributable profit was stable year on year while revenue fell. Finimize put revenue for the quarter at $4.38 billion.

EBITDA rose 70 per cent from the second quarter to $2.03 billion, with contributions from domestic gas, liquefied natural gas, export-traded liquids and sulphur, Khaleej Times reported. Domestic sales rose 20 per cent from the previous quarter, and better margins lifted domestic gas EBITDA by 28 per cent. EBITDA from international product sales rose 106 per cent as the company sold more abroad, and sulphur EBITDA jumped 249 per cent. ADNOC Gas supplies about 60 per cent of the UAE's sales gas and sells to customers in more than 20 countries.

Chief executive Fatema Al Nuaimi credited strong execution across the business for the company's "renewed momentum and excellent results". She said it had been able to "safely and reliably meet domestic and international demand" despite "continued challenging external conditions".

The company said disruption in the Strait of Hormuz still made for a difficult operating environment during the quarter. It said it had worked with customers, contractors and partners on inventory, logistics and supply-chain planning to limit the impact. Repairs at the Habshan complex, which was hit by security incidents in April, are on plan, and ADNOC Gas expects it to be back at full capacity by the second quarter of 2027.

The board approved a quarterly dividend of $940 million, payable in December. That is 5 per cent more than a year earlier and in line with the company's target of raising the dividend by 5 per cent a year through 2030. Cash flow from operations was $3.82 billion in the first nine months, enough to cover the $2.82 billion paid in dividends so far this year 1.3 times. The full-year dividend of 18 fils per share works out to a yield of 5.34 per cent at the November 9 closing price. The company said it is still the largest dividend payer on the Abu Dhabi Securities Exchange.

Spending is rising alongside the payout. Finimize put capital expenditure for the first nine months at about $3.672 billion and free cash flow at $799 million, with full-year capex guidance of about $5.0 billion. ADNOC Gas plans to invest about $28 billion between 2026 and 2030 across four large projects: the Rich Gas Development, Ruwais LNG, the Maximizing Ethane Recovery and Monetization project, known as MERAM, and Estidama. It is targeting 60 per cent EBITDA growth by 2030 compared with 2023, assuming Brent crude at $70 a barrel.

The company is also spending on automation, including AI-powered control rooms at Bu Hasa and Taweelah and autonomous inspection robots. It says these programmes should deliver more than $900 million of value by 2030 as it works towards becoming an "AI-native company".