ADNOC DISTRIBUTION-

Adnoc's retail arm Adnoc Distribution reported a 21.5% y-o-y in net income to USD 221 mn (c. AED 812 mn) in 3Q 2025, exceeding analyst expectations, according to an earnings release published last week.

In 9M 2025, the company’s bottom line surged 15.6% y-o-y to USD 579 mn. This coincided with Adnoc Distribution’s highest-ever 9M fuel volume sales — reaching 11.7 bn liters — and its addition of 85 stations, raising its network scope to 977 service stations. It upgraded its year-end target for service stations to 90-100, up from 60-70 initially, given it has already exceeded its target, with Saudi Arabia getting the bulk of new stations.

Consistent income growth so far: Adnoc Distribution saw 8.6% y-o-y growth in its net income to AED 677 mn in 2Q 2025 as fuel volumes grew, whereas revenues for the period dipped 1.7% y-o-y to AED 8.6 bn due to a global decline in crude oil prices. In 1H 2025, the company recorded bottom line growth of 12.2% y-o-y to AED 1.3 bn, while revenues declined by 2.4% y-o-y to AED 17.1 bn.

MILAHA-

Qatar Navigation’s (Milaha) bottom line surged by 15.4% y-o-y to nearly QAR 1.1 bn in 9M 2025, while its top line climbed up nearly 15.5% y-o-y to QAR 2.46 bn during the same period, according to a statement released last week.

The breakdown: Milaha’s gas and petrochemicals shipping was the firm’s best-performing sector, reporting a QAR 115 mn y-o-y surge in net income for 9M 2025 on the back of the sale of two very large gas carriers in 3Q. Offshore services came in second with a QAR 61 mn increase in net income, largely due to a larger project pipeline and added fleet capacity. Meanwhile, the Maritime and Logistics segment reported a QAR 6 mn gain to its net income y-o-y.

REFRESHER- Milaha saw its net income increase by 7% y-o-y to QAR 671 mn in 1H 2025, while its revenues jumped up 11% y-o-y to QAR 1.6 bn during the same period.

Milaha has been busy adding new routes: The firm launched services to Libya’s Misurata Freezone Port and an additional Turkey–Libya express service. It also launched a new weekly Short Sea Med service, MTX 2, earlier this year to connect Turkey, mainland Spain, and the Canary Islands. The Saudi Ports Authority (Mawani) also added Milaha’s Inta Gulf Express service — with a total capacity of 1k TEUs — to Dammam’s King Abdulaziz Port back in April.

NMDC GROUP-

NMDC had a solid 9M: The UAE’s National Marine Dredging Company (NMDC) Group saw its net income rise 26% y-o-y to AED 2.8 bn in 9M 2025. Meanwhile, the ADX-listed firm’s top line increased 11% y-o-y to AED 20.5 bn during the same period, largely on the back of improved margins and consistent delivery on projects across segments, according to an earnings release (pdf) published last week.

Global drive(r): The firm’s current backlog reached AED 62.3 bn as of September 2025, driven by strategic expansions in global markets. NMDC Group’s total awarded projects in 9M 2025 also reached AED 17.7 bn — with global markets accounting for 38% of the total. The Group secured a USD 1.1 bn EPC contract for a pipeline project in Taiwan and a USD104mn contract for a new marina development in Oman, and entered the Philippines market through a USD 610 mn dredging work contract for a harbor project in Manila Bay.

Yearly highlights: NMDC Group’s newly launched logistics arm NMDC LTS finalized its acquisition of a 70% stake in Abu Dhabi-based oilfield services and logistics firm Emdad back in June. The group also inked an MoU with India’s Jawaharlal Nehru Port Authority to invest nearly USD 2.4 bn into Mumbai’s Vadhvan Port earlier in February.

REMEMBER- NMDC Group recorded a 20% y-o-y boost in its 1H net income to AED 1.8 bn, while its revenues rose 10% y-o-y to AED 13.4 bn during the same period.

JAZEERA AIRWAYS-

Jazeera Airways sees record 3Q figures: Kuwaiti low-cost carrier Jazeera Airways saw its bottom line surge 15.9% y-o-y for 3Q 2025, reaching KWD 13.5 mn — marking its highest-ever earnings in 20 years for that period, according to a press release. The airline’s operating revenue also rose 7.5% to KWD 69.4 mn for the same period. This coincides with improvements in passenger figures, with a 3.3% y-o-y rise and a 3.6 % y-o-y increase in the number of flights, despite operational issues linked to geopolitical tensions, management said.

In 9M terms: The carrier’s net income climbed 60.3% y-o-y to KWD 23 mn in 9M 2025, while its top line saw a rise of 4.9% y-o-y to KWD 171.6 mn.

Continuing a trend seen in 1H: Jazeera Airways’ 1H performance saw a 250% y-o-y jump in net income to KWD 9.6 mn. Its operating revenue rose around 3.3% y-o-y to KWD 102.2 mn in 1H.

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