ADNOC Gas plc has announced a net income of $1.27 billion and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2.16 billion for the first quarter of 2025. These figures represent an increase of 7 percent and 4 percent, respectively, compared to the same period in the previous year.

Credit: WAM

The company’s performance was primarily driven by rising domestic gas demand, which saw an increase due to robust economic growth in the UAE. This growth has contributed to a higher total sales volume. Additionally, ADNOC Gas improved its processing capabilities by efficiently managing its planned shut-down program, which resulted in fewer offline days and greater processed volumes.

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, emphasized that these results stem from successful supply agreements and the optimization of their shut-down program aimed at supporting ongoing growth. Al Nuaimi highlighted the company’s intention to leverage its strong balance sheet to invest throughout the business cycle, aiming for over 40 percent EBITDA growth from 2023 to 2029.

During the first quarter, ADNOC Gas secured mid to long-term liquefied natural gas (LNG) supply agreements worth approximately $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan. These agreements reinforce ADNOC Gas’s position as a key supplier of lower-carbon fuel and support the expansion of its international customer base, contributing to the transformation of global energy systems.

The first quarter also saw a significant year-on-year increase in capital expenditures (CAPEX) of 43 percent, as ADNOC Gas continues to make essential investments to enhance business growth and meet long-term EBITDA targets. The company is on track to make a Final Investment Decision on its Rich Gas Development project in 2025.

Furthermore, following a recent marketed offering of 3.1 billion shares in ADNOC Gas, the free float increased by 4 percent to 9 percent, making the company eligible for potential inclusion in the MSCI and FTSE indices as early as June and September, respectively.