Adnoc Gas more than doubled its net income in the third quarter of 2026 to $1.34 billion and raised its full-year profit guidance to at least $4 billion, the company announced on Tuesday.
Net income rose 101 per cent from $665 million in the second quarter. Ebitda climbed 70 per cent quarter-on-quarter to $2.03 billion, driven by the domestic gas, LNG, export-traded liquids (ETL) and sulphur businesses.
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Fatema Al Nuaimi, CEO of Adnoc Gas, said strong execution across the business had been the key driver of the company’s “renewed momentum and excellent results”. She added that its operational strength and commercial agility had enabled it to “safely and reliably meet domestic and international demand” despite “continued challenging external conditions”.
Sales within the UAE rose 20 per cent quarter-on-quarter, supported by resilient demand. Robust margins lifted domestic gas Ebitda by 28 per cent.
International product sales were scaled up, lifting Ebitda by 106 per cent over the quarter. Sulphur sales provided additional support, with Ebitda up 249 per cent.
Adnoc Gas supplies about 60 per cent of the UAE’s sales gas needs and serves customers in more than 20 countries.
Dividend
The board approved a quarterly dividend of $940 million, up 5 per cent year-on-year and payable in December 2026. This is in line with the company’s target to raise the dividend by 5 per cent annually through 2030.
In the first nine months of the year, Adnoc Gas generated $3.82 billion in cash flow from operations, covering its $2.82 billion year-to-date dividend 1.3 times. The full-year 2026 dividend commitment of 18 fils per share represents a yield of 5.34 per cent, based on the closing share price on November 9. The company said it remains the largest dividend payer on the Abu Dhabi Securities Exchange (ADX).
Hormuz disruption remains a risk
Although market conditions improved during the quarter, ongoing disruption to maritime movements through the Strait of Hormuz continued to create a challenging operating environment, the company said.
It added that it had worked with customers, contractors and partners, using proactive inventory, logistics and supply-chain management, to mitigate the impact.
Adnoc Gas said its raised guidance remains subject to developments in regional maritime conditions, which it continues to monitor closely.
Growth programme
Adnoc Gas said its growth programme spans four megaprojects: the Rich Gas Development (RGD), Ruwais LNG, Maximizing Ethane Recovery and Monetization (MERAM), and Estidama. Together they are expected to generate $13.4 billion in In-Country Value (ICV).
The expansion underpins a targeted 60 per cent growth in Ebitda by 2030 compared with 2023, based on a Brent crude price of $70 per barrel, with about $28 billion of investment planned between 2026 and 2030.
The company said restoration works at the damaged Habshan complex are progressing in line with plan, and the company said it remains on track to restore full capacity by the second quarter of 2027.
Adnoc Gas is also scaling up AI and robotics, including AI-powered control rooms at Bu Hasa and Taweelah and autonomous inspection robots. The company said these initiatives target significant cost savings and more than $900 million of value by 2030, as it works towards becoming an “AI-native company”.
Source: Khaleej Times