ADNOC Gas raised its 2026 net income guidance to at least $4 billion after third-quarter profit more than doubled from Q2, although earnings remained near the year-earlier level amid export constraints.
Net income reached $1.336 billion in the three months ended Sept. 30, compared with $665 million in Q2 and $1.338 billion in Q3 2025, its filing with the Abu Dhabi Securities Exchange showed. The sequential increase was 101%, while the year-on-year result was nearly unchanged.
The company describes itself as an integrated gas processing and sales business. It says it supplies about 60% of the United Arab Emirates’ sales gas needs and serves customers in more than 20 countries.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled $2.027 billion, up 70% from Q2 but down 7% from a year earlier. UAE domestic gas sales increased 20% from the prior quarter, while domestic gas EBITDA rose 28%. EBITDA from international product sales was up 106%, and sulfur sales EBITDA climbed 249%, ADNOC Gas said.
The company said shipping problems through the Strait of Hormuz, which began in March, affected Q2 and Q3 cargo loadings of liquefied petroleum gas, naphtha and liquefied natural gas. Restricted volumes reduced the benefit ADNOC Gas could realize from higher benchmark prices, according to its filing.
The board approved a $940 million dividend for the quarter, equivalent to AED 0.045 per share. Payment is expected Dec. 8, 2026. The company said its higher full-year net income guidance remains conditional on regional maritime conditions, and its stated plan is to grow annual dividends by 5% through 2030.
The company said the $3.82 billion in operating cash flow covered its $2.82 billion year-to-date dividend.
ADNOC Gas expects to report fourth-quarter 2026 results on Feb. 10, 2027.
