Adnoc Gas says Q1 net income climbs to $1.27 billion

Quarterly Ebitda of $2.16 billion also rose 4 percent compared to last year.

Adnoc Gas said zhe performance was driven 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, it said.

Adnoc Gas noted that during the first quarter, it signed a series of mid- to long-term LNG supply agreements valued at approximately $9 billion with Indian Oil and Jera Global Markets.

The agreements support the growth of the company’s international customer base.

Adnoc Gas said in November 2024 that it expects to spend about $5 billion to buy a 60 percent operating interest from its parent company Adnoc in the 9.6 mtpa Al Ruwais LNG export plant.

The LNG project will more than double Adnoc’s existing UAE LNG production capacity to around 15 mtpa, as the company builds its international LNG portfolio.

Adnoc owns a 70 percent stake in Adnoc LNG, which currently produces about 6 mtpa of LNG from its facilities on Das Island.

In February, Adnoc also completed a $2.84 billion marketed offering in Adnoc Gas.

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

“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,” said Fatema Al Nuaimi, CEO of Adnoc Gas.

“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 percent between 2023 and 2029,” she said.