Adnoc Gas expects 2026 net income to hit at least $4bn as Q3 profit improves on previous quarter

Adnoc Gas, a leading energy company in the UAE, has raised its forecast for its 2026 net income to at least $4 billion, following a strong performance in its third quarter. In the three months ending September, the company reported a net income of $1.33 billion, a modest increase from the previous quarter's $664.6 million. However, the Q3 net income was flat on an annual basis.

Despite the ongoing disruptions caused by the Iran war, Adnoc Gas' operational strength and commercial agility enabled it to meet both domestic and international demand, resulting in solid financial results. Chief Executive Fatema Al Nuaimi attributed the success to the company's ability to navigate challenging external conditions.

The company's revenue for the quarter fell by nearly 10 percent annually to $4.38 billion, while export volumes were constrained by continued disruption in the Strait of Hormuz. Despite a 19 percent decline in domestic gas sales, Adnoc Gas supplies about 60 percent of the UAE's gas needs and serves customers in over 20 countries.

While export and traded liquids volumes dropped by 28 percent annually, they increased by 69 percent on a quarterly basis due to improved shipping activities. Nonetheless, the company's ability to capitalize on higher market prices for liquids and LNG cargoes was limited by continued disruptions.

Oil and gas prices surged globally after the Iran war began on February 28, and the Strait of Hormuz was effectively closed. Iran also attacked energy infrastructure across the Middle East in response to US-Israeli strikes. Adnoc Gas' Habshan gas processing site, one of the world's largest, experienced significant damage after being targeted by Iranian strikes in April. However, restoration works are progressing as planned, with full capacity expected to be restored by the second quarter of 2027.

Adnoc Gas continues to execute its long-term growth strategy, despite operational constraints. It has awarded $8.2 billion in engineering, procurement, and construction contracts for the second and third phases of the Rich Gas Development project, a $13.2 billion capital investment aimed at expanding gas processing and liquid recovery infrastructure across the UAE.

The company is also working on three other key projects, which together are expected to generate $13.4 billion in In-Country Value. Adnoc Gas aims to boost its Ebitda growth by 60 percent by 2030, with about $28 billion of investment planned between 2026 and 2030. Additionally, the company has signed a five-year agreement to supply up to 1.6 million tonnes of LNG to France's TotalEnergies.