ADNOC Gas plc announced a net income of $1.27 billion for the first quarter of 2025, representing a 7% increase compared to the same period in 2024. The company also reported an EBITDA of $2.16 billion for the quarter, up 4% year-on-year, driven by rising domestic gas demand and improved operational efficiency. The company attributed the performance to strong economic growth in the United Arab Emirates, which supported an increase in overall gas sales volumes. Additionally, ADNOC Gas reported effective execution of its planned maintenance program, which minimized plant downtime and allowed for higher processed gas volumes during the quarter.
“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 optimisation of our ongoing shut-down programme 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,” said Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas.
In the first quarter, ADNOC Gas signed mid- to long-term LNG supply agreements valued at approximately $9 billion with Indian Oil Corporation and JERA Global Markets of Japan. These agreements further strengthen the company’s position as a major global supplier of lower-carbon energy and support its strategy to expand its international customer portfolio. The company also recorded a 43% year-on-year increase in capital expenditure, aligned with its strategy to invest through the economic cycle and meet its long-term growth targets. ADNOC Gas confirmed that major projects remain on schedule, with a Final Investment Decision on its Rich Gas Development project expected in 2025.
Following a recently completed marketed share offering, the company increased its free float from 5% to 9% through the sale of 3.1 billion shares. This expanded free float makes ADNOC Gas eligible for potential inclusion in the MSCI and FTSE indices as early as June and September, respectively. ADNOC Gas, a key subsidiary of the Abu Dhabi National Oil Company, continues to pursue strategic investments and global partnerships, positioning itself for sustained growth in the international gas market while supporting energy transition efforts. – By MENA Newswire News Desk.