9M earnings: Aldar, NMDC Energy, Etisalat, ADIB, Adnoc Drilling

Aldar’s profits keep climbing, even as sales drop

Aldar Properties’ net income attributable to shareholders rose 25.1% y-o-y in 3Q 2026 to AED 1.9 bn on revenue and rental income rising 16.4% y-o-y to AED 9.3 bn, according to the company’s financial statements (pdf). On a 9M basis, Aldar’s bottom line was up 19.2% y-o-y to AED 6.1 bn, with revenue and rental income rising 11.2% to AED 26.2 bn. EBITDA was up 20% y-o-y to AED 9.4 bn, Aldar said in its earnings presentation (pdf).

Aldar Development’s property development and sales remained the group’s largest 9M revenue contributor, rising 19% to AED 15.4 bn. Group sales dropped 34% y-o-y to AED 18.9 bn, with group backlog hitting AED 71.6 bn at the end of September, and the UAE accounting for the lion’s share (AED 59.3 bn) on the back of 12 launches, seven of which were in 3Q alone. Overseas subsidiaries contributed to total sales, with SODIC adding AED 3.0 bn and London Square bringing in AED 1.4 bn.

Outlook: The company is on track to deliver on its revised guidance for the year, expecting Aldar Development to end the year with AED 30-34 bn in sales, with EBITDA expected at AED 8.9-9.3 bn. Aldar Properties is expected to close the year with adjusted EBITDA at AED 12.3-12.7 bn.

Margin call

Cost overruns tied to the regional situation weighed on NMDC Energy’s 3Q earnings. Net income fell 54.1% y-o-y to AED 168.8 mn, while its revenues slipped 2.3% y-o-y to AED 4.7 bn, according to the company’s financial release (pdf). For 9M, net income dropped 55.8% y-o-y to AED 418 mn, while revenue rose 9.3% y-o-y to AED 14.2 bn.

Projects are costing more to deliver. NMDC Energy blamed “cost overruns related to logistics, ins., and fuel prices amid the ongoing regional situation,” which it says started in March. Direct costs rose 2.2% y-o-y to AED 4.5 bn in 3Q. That cut gross income by 42.6% to AED 280.9 mn and the gross margin to 5.9% from 10.1%, according to the company’s interim financial statements (pdf). The EBITDA margin narrowed to 6.2% from 9.7%. Over 9M, direct costs climbed 14.6%, outpacing revenue.

The orderbook jumped in October. Backlog reached AED 33 bn including awards through 25 October, up from AED 29.8 bn at the end of September. Most of that jump likely reflects the three offshore EPC contracts worth USD 763.3 mn (c. AED 2.8 bn) it signed with Aramco this month. Over 9M, it secured AED 2.6 bn in new awards, AED 2.3 bn of it from a single offshore EPC contract with an undisclosed UAE client. UAE work made up 72% of 9M revenue. Capex reached AED 314 mn, mostly for building its KSA yard and upgrading its UAE yards. It runs four yards, three in the UAE and one in KSA, according to the company’s press release (pdf).

Adnoc Drilling raises its payout as income growth stalls

Oilfield services earnings offset a weaker onshore performance to keep Adnoc Drilling’s 9M 2026 bottom line growing. Net income rose 1% y-o-y to USD 1.1 bn, while revenue rose 2% to USD 3.7 bn, according to the company’s interim financial statements (pdf). Net income for 3Q alone was flat y-o-y at USD 366 mn. The company kept its FY 2026 guidance of about USD 5 bn in revenue and USD 1.45 bn in net income, according to its earnings release.

The board still approved a USD 175 mn discretionary dividend on top of its base payouts, lifting its expected 2026 dividend to USD 1.225 bn, 22.5% above 2025.

Oilfield services is doing more of the heavy lifting. The segment’s EBITDA jumped 28% even as its revenue fell 3%, while onshore EBITDA fell 5%. Onshore revenue rose 5% y-o-y as regional operations were consolidated, partly offset by the planned phasing of unconventional activity and the repurposing of some onshore rigs. Offshore revenue rose 4% on added capacity, including an AI-enabled island rig deployed in June, which more than offset the planned repurposing of two jack-up rigs in 3Q.

Customers are carrying much of the higher transport bill: Many of Adnoc Drilling’s contracts are cost-plus, letting it pass on higher transportation costs linked to regional disruption to customers, CFO Youssef Salem told Asharq Business. Those customers are also gaining from higher oil prices, which lets the company hold its margins, he said.

More drilling work is in the pipeline: Adnoc Drilling is set to carry out a 14-well, AED 1.3 bn drilling program as part of Adnoc’s USD 6.2 bn Umm Shaif gas-cap development, which reached a final investment decision in July.

What’s next: Adnoc Drilling plans to expand its fleet from 172 rigs to around 180 by end-2027, alongside acquisitions and entry into new markets, he added. It has also submitted the best offers in tenders for two offshore rigs in Kuwait, with awards expected before year-end. Adnoc expects earnings growth in 4Q as additional rigs enter service, followed by higher revenue in 2027, Salem adds.

Lower impairment provisions give ADIB a boost

Abu Dhabi Islamic Bank’s (ADIB) net income inched up 2% y-o-y to AED 1.9 bn in 3Q, as provision for impairment fell 27% to AED 150 mn, the lender said in its management discussion and analysis (pdf). Total operating income held largely steady at AED 3.2 bn, as a 5% y-o-y gain in revenue from funds to AED 2 bn was weighed down by a lower contribution from non-funded income at AED 1.2 bn, down 7% y-o-y.

On a 9M basis, operating income rose 6% y-o-y to AED 9.7 bn on the back of an 11% y-o-y increase in revenue from funds to AED 6.1 bn, thanks to strong contributions from the retail and wholesale segments. Net income reached AED 5.6 bn, up 6% y-o-y, with the lender crediting a diversified revenue base and customer financing growth as driving results.

Total assets reached AED 318 bn at the end of 9M, marking an 18% y-o-y increase due to core business expansion. Customer financing expanded 25% y-o-y, while deposits were up 17% y-o-y to AED 259 bn.

Next up: More core business expansion is on the agenda, with an upcoming AED 1.75 bn rights issue set to help fund growth plans.

Expansion (and a sale) help etisalat’s earnings

Etisalat’s expanding international footprint complemented consistent results from the domestic markets, with its top line rising 6.9% y-o-y in 3Q to AED 19.5 bn, according to the telco’s earnings release (pdf). Subscribers increased by 29.4% y-o-y to close out the quarter at 254.8 mn. The sale of etisalat’s stake in Vodafone for USD 5.95 bn in July meant that its bottom line jumped 276.2% y-o-y, but excluding that, it still recorded 7% y-o-y growth to AED 3.2 bn.

For 9M, etisalat’s revenue grew 10% y-o-y to AED 57.6 bn, while its net income reached AED 17.2 bn, up 45.9% and also reflecting part of the gain from the Vodafone sale. The biggest portion of 9M revenues came from its UAE segment, up 3.1% y-o-y to AED 28.5 bn, while the international segment saw the most growth with 18.5% to AED 28 bn. Within that, PTCL Group, etisalat’s subsidiary in Pakistan, saw revenues grow by 63.6% y-o-y, but its Moroccan operations were the strongest overseas performer, with AED 10.2 bn in revenue.