ADNOC Gas Reports Net Income of $1.27 billion

ADNOC Gas and its subsidiaries, a world-class integrated gas processing and sales company, on Monday announced a 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.

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, the company, which is listed on Abu Securities Exchange (ADX), informed the bourse in a regulatory filing this morning.

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.

ADNOC Gas CEO Fatema Al Nuaimi said that this has been another outstanding quarterly performance by ADNOC Gas, supported by their 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 the company’s ongoing shutdown program designed to power our continued growth, she said.

“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,” Fatema added.

Agreements Signed

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

The first quarter also saw a y-o-y 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.

ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs and supplies end-customers in over 20 countries.