Latest news with #RGD
Al Etihad
06-08-2025
- Business
- Al Etihad
ADNOC Gas beats low price environment, posts highest ever quarterly profit
6 Aug 2025 13:09 ABU DHABI (ALETIHAD)ADNOC Gas reported strong financial results for the first half of 2025, with net income rising 12% year-on-year to $2.655 billion and EBITDA increasing 6% to $4.415 billion. Total revenue for the period held steady at $12.059 billion, despite a 14% year-on-year drop in Brent crude second quarter marked a major milestone for the company, with ADNOC Gas posting its highest-ever quarterly net income of $1.385 billion—up 16% from the same period last year. Q2 EBITDA rose to $2.256 billion, reflecting an 8% annual increase, while the company maintained an industry-leading asset reliability rate of 97.6%. Revenues for Q2 totalled $5.96 billion, slightly lower than the $6.076 billion recorded a year earlier, largely due to softer prices in certain export Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: 'We are pleased to report the highest quarterly net income in ADNOC Gas' history, fuelled by our strong local market business and improved operational efficiency. This performance shows that we are well on our way to achieving our ambition of over 40% EBITDA growth between 2023 and 2029, as outlined in our strategy update last November. With healthy cashflows and robust margins, we remain well-positioned for long-term growth, and our resilient business model continues to deliver strong returns.'Domestic gas continued to be a key growth driver, with revenue in Q2 increasing to $1.982 billion, up from $1.725 billion in the same period last year. This was supported by favourable contract prices and higher volumes. The company's Export & Traded Liquids segment generated $3.102 billion in Q2 revenue, down from $3.624 billion a year earlier, due to lower price realisations. Meanwhile, sulphur sales more than doubled year-on-year to $96 million, and ADNOC Gas's share of ADNOC LNG JV sales rose to $766 ADNOC Gas maintained a strong focus on cost control and asset optimisation. The company's EBITDA margin improved to 36.6% in H1 and 37.9% in Q2, with net income margin for Q2 reaching 23.2%, up from 19.6% in the same period last year. ADNOC Gas also reduced cost of goods sold (COGS) by 3% year-on-year in H1, helped by a favourable feedstock cost structure under the 25-year Gas Supply and Purchase Agreement with ADNOC expenditure in H1 surged 49% to $1.22 billion as the company accelerated investment in strategic growth projects. These include the $5 billion final investment decision on the first phase of the Rich Gas Development (RGD) project.'In the near and medium term, the Company expects to deliver the Integrated Gas Development Expansion – Phase 2 (IGDE-2), Maximizing Ethane Recovery and Monetization (MERAM), and to take the investment decision on the remaining two phases of the RGD project,' the company company reaffirmed its focus on LNG as a growth area, highlighting the Ruwais LNG project as a key future contributor to revenue and margin expansion. ADNOC Gas supplies about 60% of the UAE's domestic gas demand and exports to over 20 international Board of Directors approved an interim dividend of $1.792 billion for H1 2025, a 5% increase from last year, with payment scheduled for September. This continues the company's commitment to grow dividends by 5% annually between 2023 and its inclusion in the MSCI Emerging Markets Index in June, ADNOC Gas experienced net capital inflows of around $500 million. The company is now on track to join the FTSE Index in September 2025, with market estimates of additional inflows exceeding $200 million, a move expected to further deepen liquidity and broaden the investor base. ADNOC Gas also marked a technological milestone with the rollout of MEERAi, an AI tool designed for real-time, data-driven decision-making at the board level, reinforcing its ongoing commitment to innovation and digital transformation.
Cision Canada
06-08-2025
- Business
- Cision Canada
ADNOC Gas Announces Record Second Quarter Performance, Demonstrating Resilience in Lower Price Environment
Highest-ever quarterly net income of $1.385 billion, up 16% YoY, reflects the Company's strong performance Board approves interim dividend of $1.792 billion, a 5% increase YoY, to be distributed in September ADNOC Gas on track for entry into FTSE Index in September 2025 ABU DHABI, UAE, Aug. 6, 2025 /CNW/ -- ADNOC Gas plc and its subsidiaries (together referred to as "ADNOC Gas" or the "Company") (ADX: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing and sales company, today announced Q2 2025 results, with net income rising by 16% year-on-year (YoY) to a record $1.385 billion and EBITDA increasing by 8% YoY to $2.256 billion. Q2 2025 saw a strong performance across ADNOC Gas' product portfolio, especially in the local gas market. The Company serves local customers under long-term contracts with competitive prices and improved underlying margins. ADNOC Gas also capitalized on opportunities to sell additional volumes at favourable prices, in the local gas market and in the export market as Liquified Natural Gas (LNG). The Q2 results show that the Company's product portfolio is resilient to oil price volatility. The Board of Directors approved an interim dividend of $1.792 billion, up 5% YoY, scheduled for distribution in September. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: "We are pleased to report the highest quarterly net income in ADNOC Gas' history, fueled by our strong local market business and improved operational efficiency. This performance shows that we are well on our way to achieving our ambition of over 40% EBITDA growth between 2023 and 2029*, as outlined in our strategy update last November. With healthy cashflows and robust margins, we remain well-positioned for long-term growth, and our resilient business model continues to deliver strong returns." In the first half of 2025, ADNOC Gas increased Capex by 49% YoY. The Company made significant progress with its strategic initiatives, including the $5 billion Final Investment Decision on the first phase of its Rich Gas Development project (RGD), which takes the committed Capex to $20 billion. In the near and medium term, the Company expects to deliver the Integrated Gas Development Expansion – Phase 2 (IGDE-2), Maximizing Ethane Recovery and Monetization (MERAM), and to take the investment decision on the remaining two phases of the RGD project. Furthermore, ADNOC Gas is progressing other growth projects, like the Ruwais LNG project to capture an increasing share of the LNG market. LNG is a valuable and growing part of the Company's product portfolio. Overall, the growth projects will further strengthen ADNOC Gas' product portfolio allowing for additional revenue streams and improved margins. Following its inclusion in the MSCI Emerging Markets Index in June 2025, ADNOC Gas experienced a significant net capital inflow of approximately $500 million. The Company is now on course to join the FTSE Index in September 2025, with market estimates of added inflows of over $200 million, further elevating its global investment profile and diversifying its investor base, thereby significantly enhancing liquidity and trading volumes. ADNOC Gas continued its AI journey with the roll out of MEERAi at its most recent Board of Directors meeting. MEERAi is the latest addition to the suite of AI Agents being deployed across ADNOC's value chain. Purpose-built for leadership use, MEERAi delivers real-time data-driven insights that enable the board of directors to make faster, more informed decisions. Key dates of the H1 2025 interim dividend payment: Board of Directors' approval August 5, 2025 Entitlement date (last day to purchase) August 13, 2025 Ex-Dividend date August 14, 2025 Record date August 15, 2025 Expected Payment date September 3, 2025 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. The reconciliation between the financial data as presented and the IFRS financial statements is presented in the Management Discussion & Analysis Report. * Assumes flat prices across the Company's product portfolio and an 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: For investor inquiries, please contact: Richard Griffith Vice President, Investor Relations +971 (2) 6037445 [email protected]
Reuters
11-06-2025
- Business
- Reuters
Gulf bourses end mixed on US-China trade-talks
June 11 (Reuters) - Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world's largest economies. Top officials of both countries said on Tuesday they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution. Saudi Arabia's benchmark index (.TASI), opens new tab - which traded after a four-session eid break - gave up early gains to finish flat. Meanwhile, the kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. Dubai's main share index (.DFMGI), opens new tab eased 0.1%, hovering around 17-year high, with top lender Emirates NBD ( opens new tab losing 2%. The Dubai stock market remained relatively flat, suggesting potential uncertainty as the market hovers near 17-year highs, which may prompt some investors to engage in profit-taking, said Joseph Dahrieh, Managing Principal at Tickmill. In Abu Dhabi, the index (.FTFADGI), opens new tab inched 0.1% higher, with ADNOC Gas ( opens new tab gaining 1.2%. ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project. The Qatari index (.QSI), opens new tab added 0.2%, with Qatar Gas Transport ( opens new tab increasing 2.8%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.1%, helped by a 2% rise in Commercial International Bank ( opens new tab.
Yemen Online
10-06-2025
- Business
- Yemen Online
ADNOC Gas takes final investment decision, awards $5 bn in contracts for first phase of its Rich Gas Development Project
ADNOC Gas Plc and its subsidiaries (together referred to as 'ADNOC Gas' or the 'Company') announced today it has taken a FID and awarded $5 billion in contracts for the first phase of its Rich Gas Development (RGD) Project, marking a key milestone in the company's largest-ever capital investment. The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands. The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country's growing petrochemical industry. Engineering, Procurement, and Construction Management (EPCM) contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2 billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent Plc. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40% EBITDA growth between 2023 and 2029. This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.' Phase 1 of the RGD project focuses on optimizing and debottlenecking existing gas assets while unlocking new and valuable gas streams. As part of ADNOC Gas' long-term strategy, which is focused on growth and futureproofing its business, the RGD project aligns with the company's vision to deliver important growth initiatives between 2025 and 2029. Additionally, the RGD project highlights ADNOC Gas' commitment to enhancing In-Country Value (ICV), with plans to create hundreds of new, field-based technical positions by 2029, further contributing to the UAE's economic growth.
Sharjah 24
10-06-2025
- Business
- Sharjah 24
ADNOC takes final investment decision, awards $5 bn in contracts
The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands. The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country's growing petrochemical industry. Engineering, Procurement, and Construction Management (EPCM) contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2 billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent Plc. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40% EBITDA growth between 2023 and 2029. This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.' Phase 1 of the RGD project focuses on optimizing and debottlenecking existing gas assets while unlocking new and valuable gas streams. As part of ADNOC Gas' long-term strategy, which is focused on growth and futureproofing its business, the RGD project aligns with the company's vision to deliver important growth initiatives between 2025 and 2029. Additionally, the RGD project highlights ADNOC Gas' commitment to enhancing In-Country Value (ICV), with plans to create hundreds of new, field-based technical positions by 2029, further contributing to the UAE's economic growth.
