ADNOC Gasoline PLC on Monday reported $1.27 billion in internet revenue for the primary quarter, up 7 % from the identical three-month interval final yr due to continued development in pure fuel consumption within the United Arab Emirates.
Financial development at dwelling lifted gross sales volumes, whereas environment friendly administration restricted the impression of a shutdown program, the fuel processing and gross sales arm of Abu Dhabi Nationwide Oil Co. (ADNOC) mentioned in a web-based assertion.
Earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) elevated 4 % year-on-year to $2.16 billion for the January-March 2025 interval. Income rose 6 % to $6.1 billion.
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“Q1 additionally noticed a year-on-year uplift in CAPEX [capital expenditure] of 43 % as ADNOC Gasoline continues to make the mandatory investments via the cycle to develop the enterprise and obtain its longer-term EBITDA targets”, ADNOC Gasoline mentioned. It expects to make an FID (ultimate funding resolution) on the Wealthy Gasoline Growth undertaking this yr.
Free money movement ex-working capital landed at $1.21 billion, up 6 % year-over-year.
“This has been one other excellent quarterly efficiency by ADNOC Gasoline, supported by our resilient enterprise mannequin in a decrease oil value market, which considerably exceeded market expectations”, commented ADNOC Gasoline chief govt Fatema Al Nuaimi. “These outcomes come on the again of profitable provide agreements and the optimization of our ongoing shutdown program designed to energy our continued development.
“Trying forward, we are going to use the energy of our steadiness sheet to take a position via the cycle as we search to appreciate EBITDA development of over 40 % between 2023 and 2029”.
In the course of the quarter ADNOC Gasoline secured about $9 billion value of contracts for the long-term provide of liquefied pure fuel to India Oil Corp. and Japan’s JERA Co. Inc.
ADNOC Gasoline additionally introduced plans to listing on the Morgan Stanley Capital Worldwide Rising Market Index and the Monetary Occasions Inventory Change Rising Market Index as early as June and September respectively, following a $2.84 billion placement of three.1 billion shares final February.
The so-called marketed providing, the primary within the UAE based on ADNOC, was priced about 43 % greater than ADNOC Gasoline’ preliminary public providing in March 2023.
The providing, which attracted Gulf and worldwide buyers, represented 4 % of ADNOC Gasoline’ issued and excellent share capital and would increase its free float to 9 % headline, the mum or dad mentioned on the time. ADNOC retains an 86 % stake in ADNOC Gasoline.
In 2024 ADNOC Gasoline achieved its highest-ever yearly internet revenue at $5 billion, pushed by fuel demand within the UAE.
Web revenue for the fourth quarter of 2024 totaled $1.38 billion, ADNOC Gasoline’ highest quarterly outcome since its public itemizing in 2023, it reported February 6, 2025.
Annual gross sales volumes grew 2 % to three,616 million MMBtu. ADNOC Gasoline covers about 60 % of the UAE’s gross sales fuel wants, in addition to provides over twenty international locations, based on the corporate.
To contact the writer, e-mail jov.onsat@rigzone.com
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