2023-08-05 07:52:00
$5.4 billion quarterly revenue for the company
Posted on: August 05, 2023: 11:52 AM GST Last updated: August 05, 2023: 01:35 PM GST
The gas unit of the giant Abu Dhabi National Oil Company (ADNOC) announced that its revenues decreased 24% in the second quarter on an annual basis, and attributed this to the low pricing environment.
she saidADNOC Gas In a statement yesterday, Friday, that its revenues amounted to $ 5.4 billion in the second quarter, compared to the initial adjusted revenues of $ 7.1 billion in the second quarter of 2022, and indicated that Brent prices fell 31% on an annual basis during the same period.
Net income in the second quarter fell 29% to $984 million, compared to $1.38 billion in the same period last year.
ADNOC listed its gas business in March following raising $2.5 billion in an initial public offering, which was well received by investors amid demand for energy-related assets from the Gulf region.
Net income in the first half of 2023 decreased by 12% to $2.3 billion, while revenues during the same period decreased to $10.6 billion, compared to the initial adjusted revenue of $13.3 billion in the same period last year.
Ahmed Al-Abri, CEO of ADNOC Gas, said: “This outstanding performance confirms the strength of our business, which is supported by the sale of more export liquids with higher profit margins, a strategy that has proven effective” amid the current “low pricing environment.”
He added, “The demand for natural gas is witnessing significant and long-term growth as a fuel that will play a pivotal role in achieving a responsible transition in the global energy sector.”
ADNOC strengthened its focus on the gas market following competition for liquefied natural gas intensified following the Russian invasion of Ukraine in February 2022, as Europe, in particular, needs large quantities to replace the gas that was reaching it from Russia through pipelines.
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