ADNOC Gas reports revenue of AED 38.9 billion in H1 2023

The Company’s H1 2023 revenue stood at a AED 38.9 billion (US$10.6 billion) compared to Pro Forma Adjusted Revenue of AED 48.8 billion (US$13.3 billion) in H1 2022, impacted by the pricing environment.

Revenue in Q2 2023 was reported at AED 19.8 billion (US$5.4 billion) compared to Pro Forma Adjusted Revenue of AED 26.1 billion (US$7.1 billion) in Q2 2022. ADNOC Gas maintained high reliability with a 98.9 percent average across its facilities in H1 2023, contributing to a 15 percent increase in production volumes in Q2 2023 over Q1 2023.

ADNOC Gas adapted to lower LPG and Brent crude oil prices in H1 2023 compared to the high pricing environment of H1 2022. The Company strategically shifted towards higher-margin export liquids and focused on increased efficiency. These measures enabled the Company to maintain a flat EBITDA of AED 6.6 billion (US$1.8 billion) and Net Income of AED 3.7 billion (US$1.0 billion) in Q2 2023, demonstrating that ADNOC Gas is a predictable and resilient margin business underpinned by profitable growth.

Ahmed Alebri, Chief Executive Officer of ADNOC Gas, commented, “Our results for the first half of 2023 showcase the resilience and robustness of our business in the current lower price environment compared to the higher prices witnessed in H1 2022. For the period ending June 30th 2023, we delivered a net income of AED 8.4 billion (US$2.3 billion). This performance demonstrates the strength of our business, which was also supported by selling more high-margin export liquids – a strategy that has proven effective.