AD PORTS GROUP-

AD Ports sees strongest income since IPO: UAE-based port operator AD Ports Group saw its net income rise 34% y-o-y to AED 596 mn in 3Q 2025 — a record high since its 2022 public listing — driven by high cargo volumes and container throughput, rising warehouse utilization rates, and a surge in new industrial land leases, according to an earnings release (pdf) published on Friday. The company’s top line surged 16% y-o-y to AED 5.39 bn for the same period, driven by improved activity in maritime and shipping, ports, and economic cities and freezones clusters.

3Q by the segment:

  • Maritime and shipping revenues rose 40% y-o-y in 3Q 2025 to AED 3 bn, remaining the single largest contributor to the company’s top line. This was in tandem with container feeder shipping volumes rising 31% y-o-y to 900k TEUs, while the bulk, multipurpose, and ro-ro shipping vessel fleet rose to 43;
  • The company’s ports recorded a top line surge of 18% y-o-y to AED 713 mn in 3Q 2025. General cargo volumes grew 12% y-o-y to 15.2 mn tons, while quarterly container throughput rose 20% y-o-y;
  • The logistics segment’s top line dropped 12% y-o-y to AED 1.1 bn in 3Q 2025, as market conditions weakened in the freight forwarding business, particularly in the Asia and Americas regions;
  • Revenues from the economic cities and freezones sector rose 17% y-o-y to AED 600 mn. The primary drivers of growth were revenues from Sdeira Group’s staff accommodation business and its warehouses.

In 9M terms: The company’s net income rose 17% y-o-y to AED 1.1 bn in 9M 2025, while its top line surged 16% y-o-y to around AED 14.8 bn for the same period.

Heading into 2026: AD Ports Group is anticipating a softening in container freight rates across its service network, while predicting that demand will remain strong in its operating regions. The container shipping market outlook for 2026 remains highly uncertain as opposing market forces with unpredictable outcomes are at play, including the Red Sea conflict, US tariffs and trade wars, new regulations, and incoming supply and demand shifts.

ETIHAD AIRWAYS-

Etihad Airways reported a 26% y-o-y increase in its net income to AED 1.7 bn (USD 463 mn) in 9M 2025, according to an earnings release published on Friday. The firm’s top line rose 18% y-o-y to AED 21.7 bn (USD 5.9 bn), driven by a robust performance across both passenger and cargo operations.

In cargo terms: Cargo revenues rose 8% to AED 3.2 bn (USD 875 mn) — attributable to enhanced capacity and increased volume. The carrier conveyed 509k tons of cargo, marking a 6% y-o-y increase.

Fleet updates: The airline’s operating fleet reached 115 aircraft — marking a 19% y-o-y increase from last year’s figures. Nearly half of the boost from came from 3Q deliveries — which included A321LRs, B787s, and A350s.

Right on cue? Etihad Airways was looking to onboard 18 new aircraft by year-end, aiming to grow its fleet to some 115-120 aircraft to accommodate 21.5 mn passengers — assuming there are no delays from the manufacturer.

A solid year for the carrier: The airline reported a 32% y-o-y increase in its net income to AED 1.1 bn (USD 306 mn) in 1H 2025, while its top line also rose 16% y-o-y to AED 13.5 bn due to strong performance across both passenger and cargo operations.

ABU DHABI AVIATION-

Abu Dhabi Aviation (Ada) reported a 24.1% y-o-y decrease in its net income to AED 698.5 mn in 9M 2025, according to an earnings release (pdf). The firm’s top line rose by 9.2% y-o-y to AED 5.5 bn.

Behind the numbers: The firm’s reported net income came in lower than the prior year’s AED 920.6 mn, largely due to a one-off gain of AED 596.8 mn that trickled from a reverse acquisition in 2024. Adjusting for this transaction, Ada’s 9M bottom line increased 116% y-o-y.

Segment highlights: Ada’s cargo operations reported revenue of AED 168.9 mn for the same period, up more than 122% y-o-y. Meanwhile, the group’s maintenance, repair, and overhaul business division saw its bottom line surge 280.4% y-o-y to AED 511.2 mn, whereas its revenues were at AED 4.8 bn, up 4.4% y-o-y.

GULF NAVIGATION HOLDING-

GulfNav returned to black in 3Q: DFM-listed maritime player Gulf Navigation Holding (GulfNav) saw its net income reach AED 4.6 mn (c. USD 1.3 mn) in 3Q 2025 — reversing an AED 23.6 mn loss in 3Q 2024, according to an earnings release (pdf) published on Friday. The firm saw its top line increase 35% y-o-y to AED 81.6 mn for the same period, on the back of increased fleet utilization and improved activity in vessel chartering.

An upswing in 2025: GulfNav’s 2Q figures saw the company’s bottom line reach AED 7.4 mn (USD 2 mn) in 2Q 2025, reversing a AED 13.2 mn loss in 2Q 2024. Meanwhile, revenues for 2Q grew 110% y-o-y to hit AED 28.5 mn. In 1H terms, the firm posted a net income of AED 463k in the six-month period, also recovering from 2024’s loss in the same period.

ADNOC GAS-

Adnoc Gas reported net income of USD 1.3 bn in 3Q 2025, up 8% y-o-y, marking its highest 3Q earnings to date, according to its financials (pdf), management discussion and analysis report (pdf) published on Thursday, and a separate earnings release (pdf) published on Thursday. Revenues stood at USD 5.9 bn, down 6% y-o-y and almost flat q-o-q, while gas sales volumes rose 4% y-o-y.

Adnoc Gas’ record earnings came despite a 14% y-o-y decline in Brent crude prices during the period, CFO Peter Van Driel said during an earnings call. He attributed margin expansion largely to strong demand in the domestic UAE market, as well as contract renegotiations with major power customers seeking greater flexibility, allowing Adnoc Gas to capture incremental pricing gains.

On a 9M basis, net income rose 10% y-o-y to USD 4 bn. Revenues reached USD 18 bn, down 2% from the same period in 2024.

SALIK-

Dubai’s toll gate operator Salik reported a 34.5% y-o-y rise in net income to AED 372.9 mn in 3Q 2025, while revenues were up 36.9% y-o-y to AED 747.7 mn, according to its financials (pdf) released last week. Salik’s quarterly performance was supported by expanded infrastructure, with the addition of two new gates introduced in November 2024, along with the launch of variable pricing in January, continued tourism inflows, and a favorable macroeconomic environment sustaining higher traffic volumes across Dubai’s road network, according to a separate earnings release (pdf) published on Thursday.

The company’s net income rose 39.1% y-o-y in 9M 2025 to AED 1.1 bn, with revenues growing 38.6% y-o-y to AED 2.3 bn. The tolling business saw chargeable trips reach 470.5 mn in 9M, of which 152.2 mn were recorded during 3Q. Toll usage fees increased 41.5% y-o-y to AED 2 bn during 9M, and rose 39.9% y-o-y to AED 655.2 mn during 3Q.

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