Adnoc Gas posts Dhs4.92 billion Q3 profit, raises 2026 guidance to Dhs14.69 billion

ADNOC Gas plc announced on Tuesday its financial results for the third quarter of 2026, recording net income of Dhs4.92 billion ($1.34 billion), double the level achieved in the previous quarter.

The results were supported by strong performance across the company’s domestic gas, liquefied natural gas (LNG), export-traded liquids and sulphur businesses.

Fatema Al Nuaimi, CEO of ADNOC Gas, said strong execution across the company’s businesses was the main driver of its renewed momentum and financial performance.

She added that ADNOC Gas’ operational strength and commercial agility enabled it to safely and reliably meet domestic and international demand despite continued challenging external conditions.

Al Nuaimi said the performance demonstrates the value of the company’s integrated business model, disciplined execution and commitment to expanding the use of advanced technologies across its operations.

She affirmed that ADNOC Gas will continue delivering on its dividend commitments while investing in one of the gas industry’s largest growth programmes.

During a virtual conference on the results, Al Nuaimi said the company remains focused on serving its customers and has been assessing different options in recent months to ensure transportation, noting that these plans remain under study.

Peter van Driel, CFO of ADNOC Gas, said the company began the year with full-year net-income guidance of between $3.5 billion and $4 billion.

He added that confidence generated by the third-quarter performance prompted ADNOC Gas to raise its 2026 guidance to at least $4 billion.

Net income rose 101 per cent from Dhs2.44 billion ($665 million) in the second quarter, while EBITDA increased 70 per cent quarter-on-quarter to hsD7.46 billion ($2.03 billion).

Domestic gas sales rose 20 per cent from the previous quarter, supported by resilient demand, while domestic gas EBITDA increased 28 per cent.

The company also expanded international product sales, lifting EBITDA from those activities by 106 per cent quarter-on-quarter, while sulphur-related EBITDA increased 249 per cent.

ADNOC Gas’ Board approved a quarterly dividend of Dhs3.45 billion ($940 million), up 5 percent year-on-year and payable in December 2026.

The distribution is in line with the company’s target of increasing dividends by 5 per cent annually through 2030.

During the first nine months of 2026, ADNOC Gas generated Dhs14.03 billion ($3.82 billion) in cash flow from operations, covering year-to-date dividends of Dhs10.36 billion ($2.82 billion) by 1.3 times.

Its full-year 2026 dividend commitment of 18 fils per share represents a dividend yield of 5.34 per cent based on the closing share price on 9th November.

The company remains the largest dividend payer on ADX.

Despite improved market conditions during the third quarter, challenges affecting maritime movements continued.

ADNOC Gas said it adopted a proactive approach to inventory, logistics and supply-chain management in cooperation with customers, contractors and partners to mitigate their impact.

Following its third-quarter performance, the company raised its full-year net-income guidance to at least Dhs14.69 billion ($4 billion).

ADNOC Gas is also progressing one of the world’s largest gas growth programmes, comprising four megaprojects: Rich Gas Development (RGD), Ruwais LNG, Maximising Ethane Recovery and Monetisation (MERAM), and Estidama.

Together, the projects are expected to generate Dhs49.21 billion ($13.4 billion) in In-Country Value, supporting the UAE’s industrial development and economic diversification.

The expansion programme underpins ADNOC Gas’ target of increasing EBITDA by 60 per cent by 2030 compared with 2023, supported by planned investment of around Dhs102.83 billion ($28 billion) between 2026 and 2030.

During the third quarter, ADNOC Gas began construction on Phase 3 of RGD, including a new natural gas liquids fractionation train at Ruwais with annual production capacity exceeding eight million tonnes for export once completed.

At Ruwais LNG, the first two main refrigeration compressor trains were installed, while MERAM completed its first tie-in to existing processing facilities and received first gas.

At Estidama, the first sales gas compression train started up and achieved operational readiness, marking a key step towards commissioning.

ADNOC Gas is also expanding the use of artificial intelligence and robotics to enhance the safety, efficiency and autonomy of its operations.

AI-powered control rooms at Bu Hasa and Taweelah, together with autonomous inspection robots, are improving productivity, reliability and real-time decision-making.

The company expects these initiatives to deliver cost savings and create more than Dhs3.31 billion ($900 million) in value by 2030.

WAM