ADNOC Gas Reports 11% Increase in Third-Quarter Profit to $1.2 Billion Thanks to Strong Revenue Growth

ADNOC Gas Reports 11% Increase in Third-Quarter Profit to $1.2 Billion Thanks to Strong Revenue Growth

ADNOC Gas, a company under the state-owned Abu Dhabi National Oil Company (ADNOC), reported an 11% increase in net profit for the third quarter compared to last year, reaching $1.24 billion. This rise was driven by higher revenues, according to a filing on Monday.

ADNOC Gas Earnings

• In the third quarter of 2024, ADNOC Gas’s revenue increased by 8% to $6.3 billion, up from $5.8 billion in the same period last year, thanks to higher product prices even though domestic sales dropped.
• However, the company’s free cash flow fell 9% to $1.2 billion (from $1.3 billion), mainly due to a 45% increase in capital spending, which rose to $503 million (AED 1.8 billion).
• For the first nine months of 2024, net profit rose 18% to $3.6 billion, excluding a one-time gain of $298 million from a tax adjustment.
• The company has updated its capital spending plans for 2024 to a range of $1.9 billion to $2.2 billion, down from the previous estimate of $2 billion to $2.3 billion.
• ADNOC Gas is ranked 12th on Forbes Middle East’s list of top 100 listed companies.