ADNOC Gas recorded a 101% quarter-on-quarter increase in net profit to $1.34 billion in the third quarter of 2026, supported by strong operational performance across its domestic gas, liquefied natural gas (LNG), export-traded liquids (ETL) and sulphur businesses.
Despite the significant quarterly recovery, net profit declined marginally by 0.15% compared with the same period last year. Operating profit also fell 12.2% year-on-year to $1.53 billion, while earnings per share remained unchanged at $0.017.
The Abu Dhabi-listed integrated gas company reported third-quarter revenue of $4.38 billion. The improvement in net income also contributed to a 70% quarter-on-quarter increase in earnings before interest, taxes, depreciation and amortisation (EBITDA), which reached $2.03 billion.
ADNOC Gas’ domestic gas sales within the UAE increased 20% compared with the previous quarter, driven by resilient demand. Stronger margins also supported a 28% rise in domestic gas EBITDA over the same period. The sulphur business delivered further growth, with EBITDA surging 249% quarter-on-quarter.
However, the company’s financial performance over the first nine months of 2026 reflected year-on-year declines. Net profit decreased 22.87% to $3.08 billion, compared with $3.99 billion in the corresponding period last year. Operating profit fell 29.21% to $3.68 billion from $5.2 billion.
Capital expenditure for the nine-month period totalled $3.67 billion, while free cash flow stood at $799 million.
The company’s Board of Directors has approved a quarterly dividend of $940 million, representing a 5% increase compared with the previous year. The payment is scheduled for December 2026.
Following its third-quarter results, ADNOC Gas raised its full-year 2026 net income guidance, forecasting earnings of at least $4 billion.
Commenting on the operating environment, the company said that although market conditions improved during the third quarter, continued disruptions to maritime traffic through the Strait of Hormuz presented operational challenges. ADNOC Gas said it worked proactively with customers, contractors and partners to minimise the impact through inventory planning, logistics coordination and supply-chain management.
Looking ahead, ADNOC Gas is targeting a 60% increase in EBITDA by 2030, supported by a planned capital expenditure programme of $28 billion to fund major projects and its next phase of expansion.
Peter van Driel, Chief Financial Officer of ADNOC Gas, said the company’s strong financial position would enable it to fund the planned investments while continuing to deliver returns to shareholders. He added that the company’s debt levels are expected to remain below twice its EBITDA through 2030.
ADNOC Gas also confirmed that restoration work at its damaged Habshan complex remains on schedule, with full operational capacity expected to be reinstated by the second quarter of 2027. The facility sustained damage from falling debris in April during an escalation of the US-Iran conflict.
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