ADNOC GAS-

Adnoc Gas reported net income of USD 1.3 bn in 3Q 2025, up 8% y-o-y, marking its highest third-quarter earnings to date, according to its financials (pdf), management discussion and analysis report (pdf), and a separate earnings release (pdf). 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.

(**Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

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 nine-month 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.

Adnoc could lift its committed capex beyond the USD 20 bn announced in August, with Van Driel saying additional phases of the Rich Gas Development project could add USD 7-8 bn, potentially bringing total spending to USD 27-28 bn through 2030. The USD 20 bn program — already raised from USD 15 bn in the 2Q update — covers four committed projects: the now-operational IGD-2 offshore compression system, the under-construction Meram ethane recovery facility for Borouge, the first phase of the Rich Gas Development debottlenecking program, and the Ruwais LNG export terminal, targeted for first gas in late 2028.

Looking ahead: The company expects significant cost savings of up to USD 300 mn from AI-driven predictive maintenance tools over the next five years by optimizing maintenance schedules and automating procurement processes. There is also potential upside further ahead for demand growth — beyond the 4-5% compounded annual growth it forecasts between 2023-2030 — due to increased demand for AI-related data centers, though it’s too early to quantify, Van Driel added. The company is, however, investing in new pipelines and infrastructure to support power stations serving such facilities, he noted.

Dividends: The board approved an interim dividend of USD 896 mn (AED 3.29 bn) for 3Q 2025 — equivalent to 4.3 fils per share — with payment expected by 12 December, according to a disclosure (pdf). Adnoc Gas also reaffirmed plans to grow its annual dividend by 5% through 2030, targeting total distributions of around USD 24.4 bn for 2025-2030.

PRESIGHT-

Presight’s bottom line rises on strong international growth: AI-powered data analytics company Presight AI Holding reported a net income of AED 110.3 mn in 3Q 2025, up 1.1% y-o-y after absorbing the UAE’s new 15% federal corporate tax rate, according to its financials (pdf) and earnings release (pdf). Revenues rose 15.3% y-o-y to AED 652.9 mn, driven by multi-country deployments and a strong contribution from AIQ — its JV with Adnoc — which added AED 155.7 mn in revenue during the quarter.

International markets accounted for 46% of total revenue in 3Q, up from 14.3% a year earlier and surpassing its earlier target of 40% contribution, supported by major deployments in Angola, Jordan, and Kazakhstan.

Presight says its expanding footprint is insulated from FX and political risks. “Most of our contracts are structured in USD or AED terms,” Senior Director of Investor Relations Roger Tejwani told EnterpriseAM UAE, adding that “bilateral agreements between the UAE and host nations give us political top-cover.” He noted that Presight often uses sovereign-to-sovereign financing structures that remove liquidity, credit, and FX risks from its balance sheet.

9M performance: Net income for 9M 2025 rose 12.1% y-o-y to AED 320.0 mn, while revenues surged 48.8% to AED 1.7 bn as Presight expanded across sovereign AI, smart city, energy, and digital health verticals. International revenue grew nearly fivefold in 9M, with strong demand across Central Asia, Africa, and the Middle East. Its backlog stood at AED 3.7 bn — more than double last year’s — while order intake reached AED 684.7 mn in 3Q.

Looking ahead, Presight reaffirmed its full-year guidance of 21-27% revenue growth, saying it expects to finish the year toward the mid to upper end of analyst expectations. Tejwani told us that the more modest published range does not reflect any slowdown, noting that the company expects to meet or exceed the consensus range across revenue and post-tax income.

The company aims to deepen domestic partnerships while accelerating global expansion. International revenue could “trend toward a 50-50 split with the UAE, and eventually even higher,” Tejwani said, citing strong pipelines in Central Asia, Southeast Asia, Africa, and the Middle East.

TAQA-

Abu Dhabi National Energy Co. (Taqa) reported a 24% y-o-y increase in net income to AED 2.5 bn in 3Q 2025, according to its financials (pdf). Revenues were broadly flat at AED 14.4 bn, down 0.4% y-o-y, as higher pass-through revenue from its transmission and distribution (T&D) segment offset lower oil and gas output, the company said in a separate earnings release (pdf).

For 9M 2025, net income edged down 2.6% y-o-y to AED 6.5 bn, mainly due to reduced oil and gas production, while revenues rose 2.9% to AED 42.7 bn on continued pass-through growth in the T&D segment. Taqa maintained a solid balance sheet with AED 26.5 bn in available liquidity and a net-debt-to-capital ratio of 34%.

REMEMBER- Taqa continued to expand internationally during the quarter, including its USD 1.2 bn acquisition of Spain’s GS Inima, financial close of 3.6 GW in Saudi power projects, and new utility agreements in Uzbekistan. It also secured an AED 8.5 bn corporate loan facility to support upcoming capital investments.

Dividends: Taqa declared a 3Q 2025 banknote dividend of 0.75 fils per share, in line with its policy.

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). 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).

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.

Outlook: The group expects a 34-36% y-o-y growth in total revenue for FY 2025. It is also expanding additional revenue streams through partnerships with Emaar Malls, Parkonic, Liva Group, and Schneider Electric. In November, Salik partnered with Schneider Electric and Vcharge to enable an EV charging network, integrated with the company’s e-wallet to simplify payments, while further diversifying the company’s revenue sources.

RAK CERAMICS-

RAK Ceramics posted a 20.7% y-o-y increase in its net income to AED 67.5 mn in 3Q 2025, according to its financials (pdf). The group’s revenues rose 2.8% y-o-y to AED 824.9 mn, with the UAE contributing 38% of sales, Europe 23%, and India 11%. In 9M 2025, the company’s net income rose 7.6% y-o-y reaching AED 182.7 mn, while revenues rose 2.8% to AED 2.43 bn.

The group’s revenue growth is mainly attributed to its tiles segment, accounting for 57% of total revenues with 2.5% y-o-y growth, followed closely by sanitary at 15%, driven by strong demand in the UAE’s property sector, according to a separate earnings release (pdf).

Looking ahead:The company is on a cost optimization drive, with plans to pursue “corrective actions” to address liquidity constraints and oversupply in Saudi Arabia, differentiate through premium products in the UAE to counter the impact of increased imports, and relocate EU facilities to the UAE.

Tags: