In the first quarterly results since the company's record IPO in March 2023
ADNOC Gas achieves $1.3 billion in net income in the first quarter
ADNOC Gas reported revenues of $5.2 billion in the first quarter of 2023. From the source
ADNOC Gas plc, listed on the Abu Dhabi Securities Exchange (ADX), announced its financial results for the first three months ended March 31, 2023 (the first quarter of 2023), the first since the company's inception, and its initial public offering.
In the first quarter of 2023, the company recorded revenues of $5.2 billion, compared to the initial adjusted revenue for the same period in 2022 of $6.2 billion, due to the price situation in global markets.
The company confirmed that it maintained high levels of reliability across all its operations during the first quarter of 2023, with a reliability rate of 98.5% across its facilities.
ADNOC Gas explained that it enjoys a flexible and predictable profit margin, supported by profitable opportunities for growth and development, pointing out that during the reporting period, the prices of Brent crude, under which the selling price of gas is determined, recorded a decrease of 24%, compared to the first quarter of 2022. With these low prices, the company showed great resilience, maintaining a high EBITDA margin of 34% in the first quarter of 2023, just 1% lower than the first quarter of 2022.
The company confirmed that it succeeded in compensating for the decline in global prices and the decrease in production volume during the first quarter of this year, by reducing the costs of crude gas supply.
According to the company, it achieved net income in the first quarter of this year of $ 1.3 billion, compared to an initial adjusted net income of $ 1.2 billion in the first quarter of 2022.
Demonstrating its commitment to a sustainable and cumulative dividend policy, ADNOC Gas aims to pay a temporary dividend of $1.625 billion in the fourth quarter of 2023 and a further $1.625 billion in the second quarter of 2024 for the second half of 2023.