Efficient management of its planned shut-down programme to boost processing capacity, and the continued demand for domestic gas, led to a 7 per cent year-on-year (YoY) growth in net income and a 4 per cent YoY jump in EBITDA for ADNOC Gas, which announced its first quarter results for 2025.
Net income for Q1 2025 reached US$1.27 billion and EBITDA was at US$2.16 billion, coming on the back of revenue increasing 1 per cent to US$6.1 billion.
ADNOC Gas Q1 growth
The rise in domestic demand – a result of the UAE’s strong economic growth – lifted total sales volume, while the shut-down programme reduced the number of days the company’s plants were offline and raised processed volumes.
However, both net income and EBIDTA were down sequentially compared to Q4 2024 – by 8 per cent and 5 per cent respectively.
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, commented: “This has been another outstanding quarterly performance by ADNOC Gas, supported by our resilient business model in a lower oil price market, which significantly exceeded market expectations.
“These results come on the back of successful supply agreements and the optimisation of our ongoing shut-down programme designed to power our continued growth. Looking ahead, we will use the strength of our balance sheet to invest through the cycle as we seek to realise EBITDA growth of over 40 per cent between 2023 and 2029.”
During Q1, ADNOC Gas signed a series of mid- to long-term LNG supply agreements valued at approximately US$9 billion with the Indian Oil Corporation and JERA Global Markets of Japan, reinforcing its role as a leading supplier of lower-carbon fuel.
The first quarter also saw a year-on-year uplift in CAPEX of 43 per cent as ADNOC Gas continued to invest to grow the business and achieve its longer-term EBITDA targets. The company reported that its project implementations were on track.
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