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Adnoc Gas earnings take a hit on lower prices

By Pramod Kumar
Adnoc Gas concluded new LNG supply deals worth $9bn-$12bn and expanded its international customer base in Asia Adnoc
Adnoc is in talks with the US' NextDecade for a potential offtake from the latter's proposed unit at Rio Grande LNG export facility

Adnoc Gas, a unit of state-owned Abu Dhabi National Oil Company (Adnoc), said net profit for the third quarter of 2023 declined four percent year on year on lower prices due to geo-political pressures.

Net profit for the July to September quarter reached $1.12 billion. Revenue slipped 12 percent year on year to $5.81 billion.

The company’s nine-month net income fell nine percent year on year to $3.38 billion due to a lower pricing environment. Revenue dropped 17 percent annually to $16.43 billion.

“In the third quarter, we maintained stable Ebitda [earnings before interest, taxes, depreciation, and amortisation] and net income margins, demonstrating our resilience and ability to generate attractive returns despite market headwinds,” Adnoc Gas CEO Ahmed Alebri said.

The company has concluded new LNG supply deals worth $9-$12 billion and expanded its international customer base, mainly in Asia.

So far this year, Adnoc Gas has awarded contracts totalling $5.6 billion.

Adnoc Gas expects to pay an interim cash dividend of $1.625 billion for 2023, starting December 14, in addition to a further $1.625 billion in Q2 2024.

The company forecasts an annual dividend of 5 percent per share over the next four years.

The company’s strong free cash-flow generation during the first nine months of the year will fully cover the full-year dividend for 2023, Alebri stated.

The cash dividend payout for 2023 stands at $3.25 billion.

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