Abu Dhabi, UAE — ADNOC Gas reported nine-month net income of $3.37 billion, reflecting a lower pricing environment compared to the same period of 2022.
The company’s Q3 2023 revenue grew to $5.807 billion, representing an 8 percent growth compared to Q2 2023, in line with the improving price environment and higher sales volumes.
Despite market volatility, the company maintained stable margins in line with its guidance and previous periods, the company said.
The company’s Q3 2023 EBITDA improved to $1.863 billion, up 5 percent compared to Q2 2023, while net income for the quarter increased by 13 percent quarter-on-quarter (Q-o-Q) to $1.116 billion.
For the financial year 2023, ADNOC Gas expects to pay its inaugural interim cash dividend of $1.625 billion with payments commencing on 14 December 2023, and a further $1.625 billion in Q2 2024.
Following the annual cash dividend payment of $3.25 billion for 2023, the Company expects an annual dividend growth of 5 percent per share over the next four years, underscoring the strength and visibility of ADNOC Gas’ future cash flows.
Ahmed Alebri, Chief Executive Officer of ADNOC Gas, commented: “ADNOC Gas has delivered robust financial results for the first nine months of the year despite a lower pricing environment compared to 2022. We have made significant progress, delivering on our growth strategy through substantial investments with $5.6 billion in contracts awarded in the first nine months of 2023.”