2023-05-11 22:06:12
ADNOC Gas PLC, listed on the Abu Dhabi Stock Exchange, announced its financial results for the first three months ending on March 31, 2023 (first quarter of 2023), which is the first since the company’s founding, and the initial public offering of its shares.
In the first quarter of 2023, the company recorded revenues of $5.2 billion, compared to the initial adjusted revenue for the same period of 2022 of $6.2 billion, due to the price situation in global markets.
The company confirmed that it maintained high levels of reliability in all of its operational processes during the first quarter of 2023, with a reliability rate of 98.5% across its facilities.
ADNOC Gas stated that it enjoys a flexible and predictable profit margin, supported by profitable opportunities for growth and development, pointing out that during the reporting period, Brent crude prices, according to which the selling price of gas is determined, decreased by 24%, compared to the first quarter of 2018. In 2022. In light of these low prices, the company showed great flexibility, and maintained a high profit margin before interest, tax, depreciation and amortization of 34% in the first quarter of 2023, which is only 1% less than the first quarter of 2022.
The company confirmed that it had succeeded in compensating for the decline in global prices and the decrease in production volume during the first quarter of this year, by reducing the costs of raw gas supplies.
According to the company, it achieved net income in the first quarter of this year of $1.3 billion, compared to an initial average net income of $1.2 billion in the first quarter of 2022.
And to confirm its commitment to the sustainable and cumulative dividend policy, ADNOC Gas aims to pay an interim dividend of $1.625 billion in the fourth quarter of 2023, and pay another $1.625 billion in the second quarter of 2024 for the second half of 2023.
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