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ADNOC Gas records solid performance in 9M-23 with $3.37bn net income

ADNOC Gas records solid performance in 9M-23 with $3.37bn net income
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ADNOC Gas
ADNOCGAS
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Abu Dhabi – Mubasher: ADNOC Gas posted a 9% decline in net income to $3.37 million during the first nine months (9M) of 2023, compared to $3.71 billion in 9M-22.

Revenues dropped by 17% year-on-year (YoY) to $16.43 billion as of 30 September 2023 from $19.89 billion, according to the income results.

Financials for Q3-23

In the third quarter (Q3) of 2023, the UAE group generated net income valued at $1.11 billion, marking an annual decrease of 4% YoY from $1.16 billion.

The ADX-listed firm registered revenues amounting to $5.80 billion in Q3-23, down 12% YoY from $6.61 billion.

On a quarterly basis, the Q3-23 net income climbed by 13% from the $984 million generated in Q2-23, while the revenues increased by 8% from $5.39 billion.

Ahmed Alebri, CEO of ADNOC Gas, commented: “We have made significant progress, delivering on our growth strategy through substantial investments with $5.60 billion in contracts awarded in 9M-23.”

“Expanding further into low carbon products, in 9M-23, ADNOC Gas has concluded new [liquefied natural gas] LNG supply deals with a total value of $9-12 billion,” Alebri stated.

He added: “We have expanded our international customer base through newly signed agreements with very reputable counterparties, mainly from Asia.”

“In line with our previous shareholder guidance, we will distribute our inaugural interim cash dividend in December this year,” the CEO underlined.