ADNOC Gas delivered a strong financial performance in Q4 2023, seeing net income rise 24% year-on-year to US$1,345mn and net income for FY 2023 amounting to US$4,720mn
Revenue increased by 7% year-on-year to US$6,301mn, and processed volumes rose to 912 Trillion British Thermal Unit (TBTU), up 5% compared to the same period in the previous year. As a result, Q4 2023 EBITDA increased by an impressive 15% year-on-year to US$2,212mn.
The company’s strong performance was supported by its sustained focus on delivering efficiency improvements and an increase in the proportion of higher-margin liquids.
Strong set of results
Dr. Ahmed Alebri, chief executive officer of ADNOC Gas, commented, “ADNOC Gas delivered a strong set of results in 2023, overcoming a challenging market environment in the first half of the year. Our strong performance is a testament to the resilience of the company and our ability to maintain strong margins through the commodity cycle. In 2023, we made substantial investments to drive our growth strategy, awarding EPC contracts totalling $US4.9bn, paving the way for significant capacity expansion. Further, ADNOC Gas sustained its strong sales momentum during the year, signing new LNG supply agreements valued between US$9bn and US$12bn, capitalising on the growing global demand for LNG as a transitional fuel. I am pleased to report that our strong performance across the entire business enabled us to exceed our 2023 targets as per our guidance to the market.”
In 2023, ADNOC Gas awarded a US$3.6bn contract for commissioning new capacity and expanding its gas processing facilities, and allocated US$1.3bn for contracts to expand the natural gas pipeline network. It also awarded a US$615mn contract for one of the MENA region’s largest integrated carbon capture projects, at the Habshan gas processing plant, which will have the capacity to capture and store 1.5mn tons of carbon dioxide per annum.