Energy

Revenues of six Adnoc subsidiaries reach $24bn

By Pramod Kumar

November 6, 2024, 1:09 AM

Nature, Outdoors, Sea — Adnoc Gas, 90 percent owned by Adnoc, reported 13 percent annual increase in revenues to AED22.3 billion for Q2 2024

Six subsidiaries of Abu Dhabi National Oil Company (Adnoc) collectively generated AED89 billion ($24.23 billion) in revenues and achieved net profits of AED16 billion in the first half of 2024.

The performance was driven by strong growth strategies, state-run WAM news agency reported.

Adnoc Distribution, 77 percent-owned by the UAE oil giant, saw a 12.9 percent year-on-year rise in net profit to AED623 million in the second quarter of 2024. Revenue increased 8 percent to AED8.8 billion.

In H1 2024, net profit increased 8 percent year on year to AED1.2 billion while revenue grew 8.7 percent to AED17.5 billion.

Adnoc Drilling, 84 percent owned by Adnoc, reported Q2 and H1 revenue increases to AED3.4 billion and AED6.6 billion, up 29 percent and 26 percent year on year respectively.

Net profit for the second quarter rose 29 percent annually to AED1.1 billion, while the first half figure increase 28 percent to AED2.1 billion.

Adnoc Gas, 90 percent owned by Adnoc, reported adjusted net income of AED4.4 billion, a 21 percent year on year surge in the second quarter. Revenues rose 13 percent annually to AED22.3 billion.

In H1 2024, revenues reached AED44.4 billion while net income stood at AED8.7 billion.

Revenue of Adnoc L&S, 81 percent held by Adnoc, increased 42 percent annually to AED3.3 billion, as net profit jumped 28 percent year on year to AED764 million.

Bottom line reached AED1.5 billion in H1, an increase of 31 percent from the same period last year. Revenues were up 42 percent annually to AED6.4 billion.

Borouge, 54 percent owned by Adnoc, registered a 33 percent year-on-year increase in second-quarter net profit to AED1.1 billion.

Net profit rose 35 percent annually to AED2.1 billion in the first half.

Fertiglobe, which is owned 86.2 percent by Adnoc, reported Q2 2024 revenue of AED1.8 billion and adjusted net profit attributable of AED55 million.

The company H1 top line was AED3.8 billion, while the adjusted net profit reached AED493.6 million.