ADNOC Gas reports Q1 2023 net income of $1.3 billion, up 9% YoY

ADNOC Gas reports Q1 2023 net income of $1.3 billion, up 9% YoY

ABU DHABI, 11th May, 2023 (WAM) -- ADNOC Gas plc today announced its first quarterly financial results since its formation and initial public offering (IPO) for the three months ended March 31, 2023 (Q1 2023).

The company's unaudited pro forma financial results for the comparative period (the three-month period ended March 31, 2022 (Q1 2022)) noted herein are reported on a Pro Forma Adjusted basis.

Q1 2023 revenue stood at a robust $5.2 billion, compared to Pro Forma Adjusted Revenue of $6.2 billion for Q1 2022, impacted by the pricing environment. ADNOC Gas maintained high levels of reliability throughout Q1 2023, with an average reliability of 98.5% across its facilities.

The company is a predictable and resilient margin business underpinned by profitable growth opportunities. During the reporting period, Brent crude oil prices, used for gas pricing, declined nearly 24% compared to Q1 2022. ADNOC Gas demonstrated resilience in this challenging pricing environment, maintaining a robust EBITDA margin of 34% in Q1 2023, only 1% lower than in Q1 2022.

The Company used the prevailing market conditions to proceed with several planned asset maintenance activities. These activities enhance the safety and reliability of its facilities and contribute to continued world-class asset reliability and availability. All