Abu Dhabi – Mubasher: ADNOC Gas achieved a net income totalling AED 2.25 billion during the first half (H1) of 2023, an annual decline of 12% from AED 2.55 billion.

The ADX-listed firm posted revenues worth AED 10.62 billion as of 30 June 2023, down 20% year-on-year (YoY) from AED 13.28 billion, according to the income statements.

Financial Results for Q2-23

Net income amounted to AED 984 million in the second quarter (Q2) of 2023, lower by 29% year-on-year (YoY) than AED 1.38 billion.

Revenues hit AED 5.39 billion in Q2-23, marking a 24% plunge from AED 7.12 billion in Q2-22.       

On a quarterly basis, the Q2-23 net income retreated by 23% from the nearly AED 1.27 billion recorded in Q1-23, while the revenues went down by 3% from AED 5.22 billion.

Ahmed Alebri, CEO of ADNOC Gas, commented: “Our results for H1-23 showcase the resilience and robustness of our business in the current lower price environment compared to the higher prices witnessed in H-22.”

“This performance demonstrates the strength of our business, which was also supported by selling more high-margin export liquids – a strategy that has proven effective,” Alebri highlighted.