Adnoc Gas’s 3Q net income doubles q-o-q to USD 1.3 bn as exports recover

Adnoc Gas is back to last year’s form: Adnoc Gas’ net income doubled q-o-q to USD 1.3 bn in 3Q 2026, essentially flat with the same quarter last year, after the Hormuz disruption had cut 2Q net income roughly in half, according to its management discussion and analysis report (pdf).

Revenues rose 45% q-o-q to USD 5.3 bn but were still 11% below 3Q 2025, while EBITDA climbed 70% q-o-q to USD 2 bn. A lower tax bill pushed the net income margin up nearly three percentage points y-o-y to 25.4%, which is how Adnoc Gas matched last year’s income on less revenue.

Exports drove the recovery: Export and traded liquids volumes rebounded 69% q-o-q to 198 TBTU as shipping activity improved, though they remain 28% below a year earlier. The segment’s EBITDA rose 90% q-o-q to USD 701 mn. Adnoc Gas’ share of LNG volumes from its JV with Adnoc LNG nearly doubled to 37 TBTU, and higher LNG prices nearly tripled its EBITDA to USD 204 mn. Sulfur EBITDA more than doubled y-o-y to USD 239 mn on sharply higher prices.

Domestic demand held the floor: Domestic gas volumes rose 20% q-o-q to 513 TBTU on strong seasonal demand, and segment EBITDA climbed 28% to USD 878 mn. Plants are still far from normal, though: asset utilization was 67.3%, up from 54.1% in 2Q but well short of 91.3% a year ago.

Guidance goes up: Adnoc Gas now expects full-year net income of at least USD 4 bn, up from a previous USD 3.5-4 bn range. With USD 3.1 bn booked in 9M, that implies 4Q income of at least c. USD 920 mn. Its export volume guidance of 680-740 TBTU for the year points to 4Q exports roughly in line with 3Q. The firm is assuming shipping will resume at similar levels in 4Q, CFO Peter van Driel said during an earnings call attended by EnterpriseAM, without clarifying what measures Adnoc Gas took to ramp up shipping during the quarter.

REMEMBER- The number of vessels transiting Hormuz has risen steadily m-o-m, which explains much of the rebound, van Driel said, though he didn’t say how Adnoc Gas cargoes are getting through. Since the spring, Adnoc has relied on shuttle runs: tankers cross the strait with their transponders off and hand their cargoes to buyers’ ships in transfer points like Fujairah. Adnoc has used the same approach for LNG, with carriers going dark to load at Das Island, the UAE’s only LNG export plant.

The company has been evaluating alternative export routes, but nothing has been decided, he added. In August, van Driel said Adnoc Gas was studying a new LNG export facility on the UAE’s east coast that would bypass the strait.

Boxes beat the baseline

Revenue growth and cost management lifted Aramex’s 3Q net income more than ninefold y-o-y to AED 47.8 mn from a thin AED 5.2 mn, according to the company’s earnings release (pdf). Revenue rose 24% y-o-y to AED 1.98 bn, Aramex’s highest quarterly revenue for the second quarter running and about 8% above the AED 1.8 bn it booked in 2Q, by our math.

Forwarding carries the load: Freight forwarding drove most of the growth and set a second straight quarterly record, helped by steady demand and firm pricing, the company says. Aramex continued to lean on alternative Europe-to-Middle East land routes and chartered air and sea capacity to keep cargo moving through the quarter. Domestic express, international express, and logistics and supply chain solutions also grew y-o-y.

On a 9M basis, revenue climbed 16% y-o-y to AED 5.4 bn, while net income rose more than eightfold to AED 112 mn from AED 13.1 mn. EBITDA grew 24% to AED 514.2 mn, with the margin widening to 9.5% from 8.9%.