May 28, 2023

Dubai Week

Complete Dubai News World

ADNOC Gas achieved net income of $1.3 billion in the first quarter

ADNOC Gas plc, listed on the Abu Dhabi Stock Exchange, announced its financial results for the first three months ending March 31, 2023 (first quarter of 2023), the first since the company was established, and its initial public offering of shares.

In the first quarter of 2023, the company posted revenue of $5.2 billion, compared to initial adjusted revenue of $6.2 billion in the same period in 2022, due to price conditions in global markets.

The company confirmed that it maintained a high level of reliability across all its operational processes in the first quarter of 2023, with a reliability rate of 98.5% across its facilities.

ADNOC Gas said it enjoys flexible and predictable profit margins supported by lucrative opportunities for growth and development, with Brent crude prices, defined as selling prices of gas, down 24% during the reporting period. Compared to the first quarter of 2018. In 2022, in light of these lower prices, the company showed more flexibility and maintained a higher profit margin before interest, tax, depreciation and amortization of 34% in the first quarter of 2023. Only 1% lower than the first quarter of 2022.

In the first quarter of this year, the company confirmed that it succeeded in offsetting the fall in global prices and lower production volumes by reducing crude gas supply costs.

According to the company, net income reached $1.3 billion in the first quarter of this year, compared to an initial average net income of $1.2 billion in the first quarter of 2022.

To confirm its commitment to a sustainable and overall dividend policy, ADNOC Gas aims to pay an interim dividend of $1.625 billion in the fourth quarter of 2023 and a further $1.625 billion in the second half of 2023 and the second quarter of 2024.

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