ADNOC Gas Q3 net income doubles to $1.34b, lifts outlook
EBITDA jumps 70 per cent, dividend rises 5 per cent and the 2026 net income outlook climbs
Abu Dhabi: ADNOC Gas reported its third-quarter net income at $1.34 billion on November 10, double than the previous quarter. The listed company also raised its full-year 2026 net income guidance to at least $4 billion. The board has also approved a quarterly dividend of $940 million.
Net income rose 101 per cent from $665 million in the Q2. EBITDA climbed 70 per cent quarter-on-quarter to $2.03 billion. Domestic gas, LNG, export-traded liquids and sulfur is what contributed towards the rebound. Fatema Al Nuaimi, Chief Executive Officer, credits execution across the business.
“Our third-quarter results deliver a compelling message: strong execution across the business has been the key driver of our renewed momentum and excellent results,” she said. “It is a clear demonstration of the value of our integrated business model, the disciplined execution of our teams and our commitment to leveraging and adopting advanced technologies across the business.”
Domestic gas anchored earnings. Sales within the UAE rose 20 per cent quarter-on-quarter on resilient demand. Robust margins lifted domestic gas EBITDA by 28 per cent. International product sales grew faster. The company scaled up volumes, and EBITDA from that business jumped 106 per cent. Sulfur added further support, with EBITDA up 249 per cent.
Dividend and cash flow
The $940 million payout is 5 per cent higher than a year earlier. Shareholders will receive the payout in December. The company targets annual dividend growth of 5 per cent through 2030. Cash generation covers the payout comfortably. Operating cash flow reached $3.82 billion in the first nine months. That covers the year-to-date dividend of $2.82 billion (Dh10.36 billion) 1.3 times.
The full-year dividend commitment stands at 18 fils per share, about 4.9 US cents. That equals a yield of 5.34 per cent, based on the November 9 closing share price. ADNOC Gas remains the largest dividend payer on the Abu Dhabi Securities Exchange.
Outlook and Hormuz disruption
The company noted that market conditions have improved during the quarter. Even though there were disrupted maritime movements through the Strait of Hormuz, which kept the operating environment difficult.
ADNOC Gas managed inventory, logistics and supply chains ahead of the disruption. It worked with customers, contractors and partners to limit the impact. Al Nuaimi said that the result came “despite continued challenging external conditions”.
The company has also raised its guidance, however that comes with a caveat. The company says the outlook depends on regional maritime conditions, which it monitors closely.
Growth programme
Four megaprojects form the core of ADNOC Gas' expansion plan. The Rich Gas Development (RGD), Ruwais LNG, Maximizing Ethane Recovery and Monetization (MERAM) and Estidama. Together they should generate $13.4 billion (Dh49.21 billion) in In-Country Value.
The programme supports a target of 60 per cent EBITDA growth by 2030 against 2023. That target assumes a Brent price of $70 (Dh257.08) per barrel. The company plans roughly $28 billion (Dh102.83 billion) of investment between 2026 and 2030.
Each project hit a milestone in the quarter:
RGD: Work began on Phase 3. It adds a natural gas liquids fractionation train at Ruwais, which will export over 8 million tonnes a year.
Ruwais LNG: Crews installed the first two main refrigeration compressor trains.
MERAM: The project completed its first tie-in to existing processing facilities and introduced first gas.
Estidama: The first sales gas compression train started up and reached operational readiness.
Habshan: Restoration of the damaged complex progressed on plan. Full capacity returns by the second quarter of 2027.
AI and autonomous operations
ADNOC Gas is scaling AI and robotics across its sites. AI-powered control rooms operate at Bu Hasa and Taweelah. Autonomous inspection robots support them.
The company targets more than $900 million (Dh3.31 billion) of value from these initiatives by 2030. It describes the goal as becoming an AI-native company.
Al Nuaimi points to the growth pipeline and the payout record. “We are uniquely positioned to create lasting value for the UAE, our customers and for our investors,” she said.
