EBITDA of $2.16 billion, up 4% year on year
Performance driven by domestic gas demand and efficient management of planned shut-down program
ADNOC Gas continues to invest through the cycle to achieve its longer-term EBITDA growth target of over 40%
ABU DHABI, UAE, May 5, 2025 /PRNewswire/ -- ADNOC Gas plc and its subsidiaries (together referred to as "ADNOC Gas" or the "Company") (ADX: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing and sales company, today announced net income of $1.27 billion and EBITDA of $2.16 billion for the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7% and 4% respectively.
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The performance was driven firstly by continued demand for domestic gas - up on the equivalent quarter last year - as a result of strong economic growth in the UAE, which lifted the total sales volume. Secondly, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the Company's plants were offline led to a rise in processed volumes.
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: "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 optimization of our ongoing shut-down program 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 realize EBITDA(*) growth of over 40% between 2023 and 2029."
ADNOC Gas signed a series of mid to long term LNG supply agreements valued at circa $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan during Q1, reinforcing its role as a leading supplier of lower-carbon fuel. The agreements support the growth of the Company's international customer base as well as the transformation of global energy systems.
Q1 also saw a year-on-year uplift in CAPEX of 43% as ADNOC Gas continues to make the necessary investments through the cycle to grow the business and achieve its longer-term EBITDA targets. Project implementation remains on track, with the Company expecting to take a Final Investment Decision on its Rich Gas Development project in 2025.
As a result of the recently completed marketed offering of 3.1 billion shares in ADNOC Gas in which the free float increased by 4% to 9%, the Company is eligible for potential inclusion in the MSCI and FTSE indices as early as June and September respectively.
$ Million Q1 24 Q4 24 Q1 25 YoY % QoQ % Q1 25 vs. Q1 24 Q1 25 vs. Q4 24 Revenue 6,011 6,060 6,099 1 % 1 % COGS -3,410 -3,299 -3,455 1 % 5 % Opex -525 -479 -485 -8 % 1 % EBITDA 2,076 2,282 2,159 4 % -5 % Net Inco me 1,187 1,381 1,270 7 % -8 % EBITDA Margin 34.5 % 37.7 % 35.4 % 87bps -226bps Net Income Margin 19.7 % 22.8 % 20.8 % 107bps -197bps Free Cash Flow 1,144 965 1,214 6 % 26 % (ex-working capital) Alternative performance measures: -- Financial information as presented above includes ADNOC Gas' proportionate consolidation of JVs financial results. -- EBITDA includes proportionate consolidation of JVs and represents Earnings Before Interest, Tax, Depreciation and Amortization. -- Free cash flow (excluding working capital) as presented is based on the IFRS financial statements. -- The reconciliation between the financial data as presented and the IFRS financial statements is presented in the Management Discussion & Analysis Report.
(*)Assumes a flat oil price of $70/bbl between 2025 and 2029 and, in addition, the proportional consolidation of Ruwais LNG following completion and transfer to ADNOC Gas.
About ADNOC Gas
ADNOC Gas, listed on the ADX , is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain, from receipt of feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE's sales gas needs and supplies end-customers in over 20 countries. To find out more, visit: www.adnocgas.ae [http://www.adnocgas.ae/]
(X) @ADNOCGas [http://www.x.com/adnocgas]
For investor inquiries, please contact:
Christian Audi
Vice President, Investor Relations
+971 (2) 6037366
ir@adnocgas.ae [mailto:ir@adnocgas.ae]
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