Home UAE Abu Dhabi ADNOC Gas Q4 profit jumps 24%, FY’23 income tops estimates For FY2023, ADNOC Gas’ robust performance continued, with net income reaching $4.72bn, significantly exceeding market expectations by Gulf Business February 12, 2024 Image: ADNOC ADNOC Gas and its subsidiaries have reported strong financial results for Q4 2023, marking a successful year with substantial volume growth, improved pricing, and key investments for future expansion. In Q4 2023, ADNOC Gas saw revenue climbing 7 per cent year-on-year (YoY) to $6.3bn. Processed volumes reached 912 trillion British thermal units (TBTU), a 5 per cent increase, which is enough to supply six million homes with energy for a year. This also led to a 15 per cent year-on-year jump in Q4 EBITDA (earnings before interest, taxes, depreciation, and amortisation) to $2.2bn, while net income surged 24 per cent to $1.345bn. ADNOC Gas: FY2023 performance exceeds expectations For FY2023, ADNOC Gas’ robust performance continued, with net income reaching $4.72bn, significantly exceeding market expectations. The company attributed this success to its focus on efficiency improvements, increasing higher-margin liquids and strategic investments. “ADNOC Gas delivered a strong set of results in 2023, overcoming a challenging first half,” said Dr Ahmed Alebri, CEO of ADNOC Gas. He said the company maintained strong margins throughout the commodity cycle, invested $4.9bn in EPC contracts for capacity expansion, and secured new LNG supply agreements worth $9-12bn, “capitalising on the growing global demand for LNG as a transitional fuel”. “I am pleased to report that our strong performance across the entire business enabled us to exceed our 2023 targets as per our guidance to the market,” he added. Our CEO Dr. Ahmed Mohamed Alebri highlights our remarkable Q4 2023 results with stellar margins and strategic investments that propelled our growth. Watch to learn more about how we surpassed targets and embraced global LNG demand.#ADNOCGas pic.twitter.com/HUkN4Hsvz0 — ADNOC Gas (@ADNOCGas) February 12, 2024 Major investment for expansion and sustainability In 2023, ADNOC Gas’ investments focused on long-term, sustainable growth. A $3.6bn contract awarded aims to expand gas processing facilities, while $1.3bn went towards expanding the natural gas pipeline network. Additionally, a $615bn contract established one of the region’s largest carbon capture projects. ADNOC Gas said it is fully committed to supporting ADNOC Group with its target of delivering 25 per cent emissions intensity reductions by 2030 and ADNOC’s target to achieve Net-Zero by 2045. For 2023, ADNOC Gas maintained its $3.25bn dividend, with an additional $1.625bn payment planned for Q2 2024. Following the dividend payment for 2023, the company expects annual dividend growth of 5 per cent per share over the next four years, underscoring the strength and visibility of its future cash flows. Key highlights in numbers Q4 2023 Revenue: $6.3bn (up 7 per cent YoY) Q4 2023 EBITDA: $2.2bn (up 15 per cent YoY) Q4 2023 Net Income: $1.345bn (up 24 per cent YoY) FY 2023 Net Income: $4.72bn Investment in new capacity and expansion: $4.9bn LNG supply agreements value: $9-12bn Carbon capture project capacity: 1.5 million tonnes CO2 per annum Read: ADNOC Gas signs multi-year LNG supply agreement with GAIL India Tags Abu Dhabi ADNOC Gas energy FY2023 Q42023 You might also like Abu Dhabi Crown Prince inaugurates CMA Terminals Khalifa Port Meet ARIF, ADNOC Distribution’s new investor relations chatbot US private credit firm Golub Capital to set up base in Abu Dhabi ‘Make Bitcoin Great Again’: Eric Trump attends Abu Dhabi crypto gathering