ADNOC Gas announces record Q2 net income of $1.19 Billion

ADNOC Gas, a world-class integrated gas processing company, and its subsidiaries today announced strong financial results for the second quarter (Q2) of 2024, posting an adjusted net income of US $1.190 billion, a 21% year-on-year (YoY) improvement.

Revenues for Q2 increased by 13% compared to the same period last year reaching $6.076 billion. Within the UAE, increased population and industrial growth have contributed to stronger sales for the domestic gas business.

ADNOC Gas fulfils more than 60% of the UAE’s gas demand and is fueling the development of key industrial sectors of the nation, including the growth of petrochemicals. EBITDA growth outpaced revenue improvement during the quarter, reaching $2.086 billion, an 18% YoY increase.

The company’s EBITDA margin of 34% is underpinned by high sales demand and the benefits of its long duration gas supply and purchase agreement and ADNOC Gas’ integral role in powering and enabling the UAE’s Industrial diversification and growth.

Dr Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said in a press statement, “Our robust Q2 results clearly reflect our focus on growth, significantly strengthening revenues and profitability while continuing to maintain a healthy margin. The 21% improvement in Q2 net profit underlines our commitment to enhancing our performance, implementing efficiencies, and optimising costs. We are well positioned to pursue our ambitious growth agenda, underpinned by the strength, expansion, and ambition of the UAE market.”