Latest news with #ADNOCGas'
Zawya
05-05-2025
- Business
- Zawya
ADNOC Gas announces Q1 net income of $1.27bln
EBITDA of $2.16 billion, up 4% year on year Performance driven by domestic gas demand and efficient management of planned shut-down program ADNOC Gas continues to invest through the cycle to achieve its longer-term EBITDA growth target of over 40% Abu Dhabi, UAE: ADNOC Gas plc and its subsidiaries (together referred to as 'ADNOC Gas' or the 'Company') (ADX symbol: ADNOCGAS / ISIN: AEE01195A234), a world-class integrated gas processing and sales company, today announced 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. 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. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: '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 optimization of our ongoing shut-down program 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.' ADNOC Gas signed a series of mid to long term LNG supply agreements valued at circa $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan during Q1, reinforcing its role as a leading supplier of lower-carbon fuel. The agreements support the growth of the Company's international customer base as well as the transformation of global energy systems. Q1 also saw a year-on-year 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. Alternative performance measures: Financial information as presented above includes ADNOC Gas' proportionate consolidation of JVs financial results. EBITDA includes proportionate consolidation of JVs and represents Earnings Before Interest, Tax, Depreciation and Amortization. Free cash flow (excluding working capital) as presented is based on the IFRS financial statements. The reconciliation between the financial data as presented and the IFRS financial statements is presented in the Management Discussion & Analysis Report. *Assumes a flat oil price of $70/bbl between 2025 and 2029 and, in addition, the proportional consolidation of Ruwais LNG following completion and transfer to ADNOC Gas. About ADNOC Gas ADNOC Gas, listed on the ADX (ADX symbol: 'ADNOCGAS' / ISIN: 'AEE01195A234'), is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain, from receipt of feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE's sales gas needs and supplies end-customers in over 20 countries. To find out more, visit: (X) @ADNOCGas For investor inquiries, please contact: Christian Audi Vice President, Investor Relations +971 (2) 6037366 ir@ For media inquiries, please contact: Colin Joyce Vice President, Corporate Communications +971 (2) 6037444
Arabian Business
31-03-2025
- Business
- Arabian Business
ADNOC Gas announces $3.4bn dividend
ADNOC Gas plc and its subsidiaries confirmed shareholder approval to distribute $3.41bn in full-year dividends for 2024, including a final dividend payment of $1.706bn scheduled for distribution in the second quarter of 2025. Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Gas' Board of Directors, said: 'In 2024, we achieved record financial results, advanced major growth projects and declared the largest dividend payment on the ADX, while continuing to capitalise on robust market fundamentals to deliver a total return to shareholders of 19 per cent. 'As the world increasingly turns to natural gas and LNG, particularly in Asia, we further strengthened our position as a critical enabler of global energy security and a key contributor to the UAE's economic growth and industrial development. ADNOC Gas dividend 'ADNOC Gas remains uniquely positioned to unlock further growth while supporting the transformation of global energy systems.' ADNOC Gas delivered strong financial results in 2024, reporting a record adjusted net income of $5bn, up an impressive 13 per cent year-on-year, and strong EBITDA growth of 14 per cent year-on-year to $8.65bn, with a high, stable EBITDA margin of 35 per cent with free cash flow of $4.58bn. ADNOC Gas' robust full-year 2024 results demonstrate the success of its disciplined strategy, unveiled in November 2024. The strategic update outlined investments of $15bn in growth opportunities designed to meet the escalating global demand for natural gas and drive a projected 40 per cent increase in EBITDA by 2029 from a 2023 baseline. This will be achieved through an expected 30 per cent increase in the company's gas processing capacity as ADNOC expands its upstream production capacity. The ADNOC AGM follows the completion of ADNOC's recent marketed offering of 3.1bn shares in ADNOC Gas – the largest share placement ever on the ADX and the largest secondary offering in the UAE at $2.84bn. As a result of the completed offering, ADNOC Gas has expanded its shareholder base and anticipates potential inclusion in the MSCI and FTSE indices as early as this year.
Al Etihad
27-03-2025
- Business
- Al Etihad
ADNOC employees welcome Sultan Al Jaber for Iftar at Habshan 5 Gas Facility
27 Mar 2025 23:38 ABU DHABI (WAM) Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, visited ADNOC Gas' Habshan 5 gas processing facility, part of the Habshan Industrial Complex, for an Iftar gathering with ADNOC employees. His visit recognised the critical role of the Habshan team in delivering ADNOC's strategic objectives while marking the UAE's Year of Community – an initiative dedicated to strengthening social bonds and driving collective progress under the theme 'Hand in Hand.'During the visit, Dr. Al Jaber conveyed the UAE Leadership's appreciation for the workforce's contributions to the nation's energy security and long-term economic prosperity. He met with talented Emirati employees, including Aamna Al Shehhi, ADNOC's first female Plant Inspector, who presented him with a robotic gecko and drone and explained how artificial intelligence (AI) is changing the way she Al Jaber underscored ADNOC's commitment to investing in Emirati talent development, praising the Tamkeen technical exercise in which 750 UAE Nationals excelled at managing a group of onshore oil and gas sites. He also emphasised embracing AI and powering the UAE's industrial growth, noting that in 2024 ADNOC Gas significantly contributed to the local economy through the In-Country Value (ICV) programme and supported the 'Make it in the Emirates' initiative by prioritising the use of local goods and Al Jaber said, 'In the Year of Community, we are reminded that progress is a shared journey – achieved hand in hand. Our talented people in Habshan exemplify this spirit every day, working together to provide the positive energy that powers the UAE and supports communities around the world. ADNOC will continue to invest in our people, leverage AI, and drive sustainable growth to create enduring value for our nation and future generations.'The Habshan 5 facility is the newest addition to the Habshan complex near Bab Field, which is at the heart of ADNOC Gas' integrated lower-carbon gas value chain – ADNOC Gas processes over 10 billion standard cubic feet (scf) of natural gas daily and supplies 60% of the UAE's gas needs. The complex advances ADNOC's position as the world's largest sulfur supplier and the second-largest exporter of naphtha and liquefied petroleum gas (LPG) – ADNOC Gas' LPG sales measure over 10 million tonnes annually, equivalent to the cooking requirements of more than 25 million households. Habshan 5 harnesses AI and advanced technologies, including Neuron 5 and Real Time Optimizer (RTO), to generate value by optimising asset performance and reducing facility is also a testament to ADNOC's investment in Emirati talent, with more than 950 UAE Nationals playing crucial roles across the Habshan Industrial Gas is advancing major growth projects across Habshan, including expanding gas processing capacity to over 13 billion scf per day by 2029 and projects supporting Borouge 4, Ruwais LNG and the UAE's drive for gas self-sufficiency.
Zawya
25-03-2025
- Business
- Zawya
ADNOC Gas expects Rich Gas Development's FID this year
ADNOC Gas expects to announce the Final Investment Decision (FID) on Rich Gas Development (RGD) in 2025, the company said in its 2024 integrated report. These key steps aim to deliver the Adnoc subsidiary's strategy to grow its processing capacity by 30% or more than 1.5 billion standard cubic feet per day (scfd). The expected capex allocated for the project is more than $4bn , according to ADNOC Gas' strategy update released in November 2023. In December, the company awarded the Front-End Engineering and Design (FEED) contract for new gas processing facilities at Bab Gas Cap to Worley Engineering. The FID is expected in 2026 as the new facilities will boost ADNOC Gas' current processing capacity by 20% or over 1.8 billion scfd. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
24-03-2025
- Business
- Zawya
ADNOC Gas shareholders approve record $3.41bln dividend for 2024
ABU DHABI - ADNOC Gas plc and its subsidiaries confirmed shareholder approval at its Annual General Meeting (AGM) to distribute $3.41 billion in full-year dividends for 2024, including a final dividend payment of $1.706 billion scheduled for distribution in the second quarter of 2025. Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Gas' Board of Directors, commented, "In 2024, we achieved record financial results, advanced major growth projects and declared the largest dividend payment on the ADX, while continuing to capitalize on robust market fundamentals to deliver a total return to shareholders of 19 percent. "As the world increasingly turns to natural gas and LNG, particularly in Asia, we further strengthened our position as a critical enabler of global energy security and a key contributor to the UAE's economic growth and industrial development. ADNOC Gas remains uniquely positioned to unlock further growth while supporting the transformation of global energy systems." ADNOC Gas delivered strong financial results in 2024, reporting a record adjusted net income of $5 billion, up an impressive 13 percent year-on-year, and strong EBITDA growth of 14 percent year-on-year to $8.65 billion, with a high, stable EBITDA margin of 35 percent with free cash flow of $4.58 billion. ADNOC Gas' robust full-year 2024 results demonstrate the success of its disciplined strategy, unveiled in November 2024. The strategic update outlined investments of $15 billion in growth opportunities designed to meet the escalating global demand for natural gas and drive a projected 40 percent increase in EBITDA by 2029 from a 2023 baseline. This will be achieved through an expected 30 percent increase in the company's gas processing capacity as ADNOC expands its upstream production capacity. The AGM follows the completion of ADNOC's recent marketed offering of 3.1 billion shares in ADNOC Gas – the largest share placement ever on the ADX and the largest secondary offering in the UAE at $2.84 billion. As a result of the completed offering, ADNOC Gas has expanded its shareholder base and anticipates potential inclusion in the MSCI and FTSE indices as early as this year.
