ADNOC Gas released its financial results for the three months and six months ended June 30th, 2023 (Q2 2023) and (H1 2023), showcasing its robustness and resilience in the current pricing environment. Despite lower LPG and Brent crude oil prices compared to the previous year, ADNOC Gas adapted strategically by focusing on higher-margin export liquids and increased efficiency.
H1 2023 revenue stood at AED 38.9 billion (US$10.6 billion), impacted by the pricing environment, compared to Pro Forma Adjusted Revenue of AED 48.8 billion (US$13.3 billion) in H1 2022. In Q2 2023, revenue was reported at AED 19.8 billion (US$5.4 billion), compared to Pro Forma Adjusted Revenue of AED 26.1 billion (US$7.1 billion) in Q2 2022.
The company demonstrated high reliability with a 98.9 percent average across its facilities in H1 2023, contributing to a 15 percent increase in production volumes in Q2 2023 compared to Q1 2023.
Despite the challenging pricing environment, ADNOC Gas maintained a flat EBITDA of AED 6.6 billion (US$1.8 billion) and Net Income of AED 3.7 billion (US$1.0 billion) in Q2 2023, showcasing its predictable and resilient margin business underpinned by profitable growth.
Ahmed Alebri, Chief Executive Officer of ADNOC Gas, expressed satisfaction with the results, emphasizing the company’s strength and ability to meet long-term structural demand growth for natural gas amid the responsible global energy transition. He highlighted the company’s commitment to investing in strategic growth opportunities, including the extension of its natural gas pipeline and the recent long-term LNG supply agreements with Indian Oil Corporation Ltd. (IOCL) and TotalEnergies Gas and Power.
In line with its growth strategy, ADNOC Gas continues to provide sustainable gas supplies to customers and extend its reach as a reliable supplier. The company maintains its dividend target and expects to grow the annual target dividend amount by 5 percent per annum on a per-share basis over the 2024-2027 period.
ADNOC Gas remains focused on delivering value for shareholders while supporting the UAE’s Net-Zero 2050 ambition and providing stable returns through its strong and visible future cash flows.
