Adnoc Gas ended 2025 on a softer quarter but a stronger year

Adnoc Gas’ net income came in at USD 1.2 bn in 4Q, down 15% y-o-y as weaker export pricing bit, according to the company’s earnings release (pdf). Revenue slid 10% to USD 5.5 bn, with higher volumes unable to fully offset lower international prices — even as domestic gas sales volumes rose 5%.

Zoom out, and the picture improves: For 2025, Adnoc Gas delivered record net income of USD 5.2 bn, up 3% y-o-y, despite a 14% drop in Brent crude prices over the year. Revenue eased 4% to USD 23.5 bn, with stronger domestic demand and firmer contract terms in the UAE cushioning the global pricing drag.

Bahri reports increases across the board in 2025

The National Shipping Company of Saudi Arabia (Bahri) posted a 12.1% y-o-y rise in net income to SAR 2.4 bn in 2025, while revenue increased 9.1% y-o-y to SAR 10.3 bn, it said in a Tadawul disclosure. The gains were driven by stronger performance in its oil and integrated logistics units amid higher operational activity and higher global shipping rates. Tempering the results was weaker revenue from the chemicals and dry bulk units.

In 4Q 2025, Bahri’s net income jumped 106.2% y-o-y to SAR 977.7 mn, but still fell short of Bloomberg analysts’ SAR 1.1 bn forecast. Meanwhile, revenue rose 47.2% y-o-y to SAR 3.3 bn during the quarter.

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