ADNOC Gas reports 7% rise in first quarter profits amid strong domestic demand
Abu Dhabi-based ADNOC Gas announced a 7% year-on-year increase in its first quarter net income to $1.27 billion, significantly exceeding market expectations despite challenging global conditions.
The state-owned gas processing and sales company posted EBITDA of $2.16 billion for Q1 2025, up 4% compared to the same period last year, driven primarily by robust domestic gas demand and efficient management of planned maintenance shutdowns.
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, attributed the strong performance to the company's "resilient business model in a lower oil price market" and successful supply agreements. She also highlighted the company's ongoing investment strategy, targeting EBITDA growth of over 40% between 2023 and 2029.
During Q1, ADNOC Gas secured significant LNG supply agreements with Indian Oil Corporation and Japan's JERA Global Markets, valued at approximately $9 billion, reinforcing its position as a leading supplier of lower-carbon fuel.
Capital expenditure rose by 43% year-on-year as the company continues to invest in growth initiatives, with a Final Investment Decision on its Rich Gas Development project expected later this year.
Following a recent increase in its free float to 9%, ADNOC Gas is now eligible for potential inclusion in the MSCI and FTSE indices as early as June and September, respectively, which could further broaden its investor base.
