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Adnoc’s gas and LNG unit, Adnoc Gas, reported a net income of $1.19 billion in the second quarter, a rise of 21 percent year-on-year.
UAE’s Adnoc Gas said on Monday this is a record net income for the company and it exceeded market expectations.
The company’s revenue reached $6.07 billion in the second quarter, up by 13 percent compared to the same quarter last year.
Compared to the prior quarter, revenue increased 1 percent. Net income was almost flat compared to 1.18 billion in the first quarter.
Adnoc Gas said Ebitda growth outpaced revenue improvement during the quarter, reaching $2.08 billion, an 18 percenty year-on-year increase.
The company’s Ebitda margin of 34 percent is underpinned by high sales demand and the benefits of its long duration gas supply and purchase agreement, it said.
Adnoc Gas fulfils more than 60 percent of the UAE’s gas demand and is the largest supplier to the petrochemical sector in the country.
The company has announced an increase in its annual dividend per share by 5 percent, aligning with its dividend policy to distribute a total of $3.41 billion for the full year 2024.
Adnoc Gas has approved an interim dividend of $1.7 billion, scheduled for distribution in September.
“We are well positioned to pursue our ambitious growth agenda, underpinned by the strength, expansion, and ambition of the UAE market,” Ahmed Alebri, CEO of Adnoc Gas, said.
Earlier this year, Adnoc Gas said it plans to plans to invest over $13 billion in domestic and international growth opportunities over the next five years.
The company aims to more than double its LNG production capacity by 2028 with the addition of the planned Al Ruwais LNG plant.
Last year, Adnoc Gas signed LNG supply deals with France’s TotalEnergies, India’s top state oil refiner Indian Oil, Japan Petroleum Exploration (Japex), state-owned PetroChina, and Jera Global Markets.
The firm also signed in January this year a long-term deal with India’s largest gas utility GAIL.
Adnoc owns a 70 percent stake in Adnoc LNG, that currently produces about 6 mtpa of LNG from its facilities on Das Island.
Besides this terminal, Adnoc will build the second LNG export plant in Al Ruwais with a capacity of 9.6 mtpa.
In June, state-owned Adnoc took a final investment decision to build the LNG export terminal in Al Ruwais.
Adnoc also awarded the $5.5 billion EPC deal to a joint venture led by France’s Technip Energies.
The LNG project will consist of two 4.8 mtpa trains with a total capacity of 9.6 mtpa, more than doubling Adnoc’s existing UAE LNG production capacity to around 15 mtpa, as the company builds its international LNG portfolio.
BP, Mitsui & Co., Shell, and TotalEnergies recently also agreed to buy a 10 percent equity stake in Adnoc’s LNG export terminal in Al Ruwais.
Adnoc will retain a 60 percent majority stake.
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The post Adnoc Gas says Q2 net income climbs to $1.19 billion appeared first on Energy News Beat.
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