ADNOC Gas Reports Record Second-Quarter Profit in 2024
Strong Demand and Higher Prices Drive Growth
ADNOC Gas, the integrated gas processing unit of Abu Dhabi National Oil Company (ADNOC), reported a 21% year-on-year increase in its net income for the second quarter of 2024.
The company's net income reached AED 119 billion (USD 32.4 billion) for the period, compared to AED 98 billion (USD 26.7 billion) in the second quarter of 2023. Revenue also saw a strong increase, reaching AED 6 billion (USD 1.6 billion) for the third consecutive quarter.
Factors Driving the Growth
The strong financial performance was primarily driven by increased demand for natural gas globally and higher prices. Favorable market conditions and the company's focus on operational efficiency also contributed to the growth.
The company's share of liquefied natural gas (LNG) earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 38% year-on-year, reflecting higher LNG prices and increased production.
Outlook
ADNOC Gas remains optimistic about the long-term outlook for the gas market. The company expects continued demand growth from key sectors such as power generation, transportation, and industrial use.
ADNOC Gas is strategically positioned to meet this growing demand through its extensive gas resources and integrated value chain. The company plans to invest in new projects and expand its operations to enhance its production capacity and market reach.
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