ADNOC Gas, a world-class integrated gas processor, and its subsidiaries today announced strong financial results for the second quarter (Q2) of 2024, reporting adjusted net profit of US$1.190 billion, an improvement of 21% year-on-year.

Second-quarter revenues increased 13% year-on-year to $6.076 billion. In the UAE, population growth and industrial growth contributed to higher revenues in the domestic gas business.

ADNOC Gas supplies more than 60% of the UAE’s gas needs and drives the development of key industries in the country, including the growth of petrochemicals. EBITDA growth outpaced revenue growth in the quarter, reaching $2.086 billion, an increase of 18% year-on-year.

The Company’s EBITDA margin of 34% is underpinned by strong sales demand and the benefits of its long-term gas supply and purchase agreement, as well as ADNOC Gas’s integral role in promoting and enabling the UAE’s industrial diversification and growth.

Dr. Ahmed Alebri, CEO of ADNOC Gas, said in a press release: “Our robust second quarter results clearly reflect our focus on growth. We were able to significantly increase revenue and profitability while maintaining a healthy margin. The 21% improvement in net profit in the second quarter underlines our commitment to improve our performance, realize efficiencies and optimize costs. We are well positioned to execute on our ambitious growth agenda, which is underpinned by the strength, expansion and ambition of the UAE market.”