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ADNOC Gas announces Q1 net income of $1.27 billion, up 7% year on year, significantly exceeding market expectations

  • Written by: PR Newswire Asia - Daily Bulletin Au RSS
ADNOC Gas announces Q1 net income of $1.27 billion, up 7% year on year, significantly exceeding market expectations

EBITDA of $2.16 billion, up 4% year on year

Performance driven by domestic gas demand and efficient management of planned shut-down program

ADNOC Gas continues to invest through the cycle to achieve its longer-term EBITDA growth target of over 40%

ABU DHABI, UAE, May 5, 2025 /PRNewswire/ -- ADNOC Gas plc and its subsidiaries (together referred to as "ADNOC Gas" or the "Company") (ADX: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing and sales company, today announced net income of $1.27 billion and EBITDA of $2.16 billion for the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7% and 4% respectively.

ADNOC Gas announces Q1 net income of $1.27 billion, up 7% year on year, significantly exceeding market expectations ADNOC Gas announces Q1 net income of $1.27 billion, up 7% year on year, significantly exceeding market expectations

The performance was driven firstly by continued demand for domestic gas - up on the equivalent quarter last year - as a result of strong economic growth in the UAE, which lifted the total sales volume. Secondly, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the Company's plants were offline led to a rise in processed volumes.

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: "This has been another outstanding quarterly performance by ADNOC Gas, supported by our resilient business model in a lower oil price market, which significantly exceeded market expectations. These results come on the back of successful supply agreements and the optimization of our ongoing shut-down program designed to power our continued growth. Looking ahead, we will use the strength of our balance sheet to invest through the cycle as we seek to realize EBITDA* growth of over 40% between 2023 and 2029."

ADNOC Gas signed a series of mid to long term LNG supply agreements valued at circa $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan during Q1, reinforcing its role as a leading supplier of lower-carbon fuel. The agreements support the growth of the Company's international customer base as well as the transformation of global energy systems. 

Q1 also saw a year-on-year uplift in CAPEX of 43% as ADNOC Gas continues to make the necessary investments through the cycle to grow the business and achieve its longer-term EBITDA targets. Project implementation remains on track, with the Company expecting to take a Final Investment Decision on its Rich Gas Development project in 2025.

As a result of the recently completed marketed offering of 3.1 billion shares in ADNOC Gas in which the free float increased by 4% to 9%, the Company is eligible for potential inclusion in the MSCI and FTSE indices as early as June and September respectively.

$ Million

Q1 24

Q4 24

Q1 25

YoY %

QoQ %

Q1 25 vs. Q1 24

Q1 25 vs. Q4 24

Revenue

6,011

6,060

6,099

1 %

1 %

COGS

-3,410

-3,299

-3,455

1 %

5 %

Opex

-525

-479

-485

-8 %

1 %

EBITDA

2,076

2,282

2,159

4 %

-5 %

Net Inco me

1,187

1,381

1,270

7 %

-8 %

EBITDA Margin

34.5 %

37.7 %

35.4 %

87bps

-226bps

Net Income Margin

19.7 %

22.8 %

20.8 %

107bps

-197bps

Free Cash Flow

(ex-working capital)

1,144

965

1,214

6 %

26 %

Alternative performance measures:

•  Financial information as presented above includes ADNOC Gas' proportionate consolidation ofJVs financial results.

•  EBITDA includes proportionate consolidation of JVs and represents Earnings Before Interest, Tax, Depreciation and Amortization.

•  Free cash flow (excluding working capital) as presented is based on the IFRS financial statements.

•  The reconciliation between the financial data as presented and the IFRS financial statements ispresented in the Management Discussion & Analysis Report.

*Assumes a flat oil price of $70/bbl between 2025 and 2029 and, in addition, the proportional consolidation of Ruwais LNG following completion and transfer to ADNOC Gas.

About ADNOC Gas

ADNOC Gas, listed on the ADX (ADX symbol: "ADNOCGAS" / ISIN: "AEE01195A234"), is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain, from receipt of feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE's sales gas needs and supplies end-customers in over 20 countries.  To find out more, visit: www.adnocgas.ae

(X) @ADNOCGas

For investor inquiries, please contact: Christian Audi Vice President, Investor Relations+971 (2) 6037366ir@adnocgas.ae

 

Authors: PR Newswire Asia - Daily Bulletin Au RSS

Read more https://www.prnasia.com/story/archive/4679525_AE79525_0

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