ADNOC Gas, the gas business arm of the ADNOC Group, reported a surge in net profit on a pro forma basis, rising by 37% to $4.9bn in 2022. The increase in profitability was due to higher production capacity and a favorable pricing environment. The company’s pro forma adjusted EBITDA for 2022 also increased by approximately 32%, or $2.1bn, to $8.7bn compared to the previous year. ADNOC Gas credited its improved profitability to an approximate 3% increase in sales volumes, and a 27% or $5.2bn rise in pro forma adjusted revenue to $24.7bn in 2022.
The company proposed a dividend of $3.25bn for the current financial year, with plans to achieve a 5% growth rate per annum between 2024 and 2027. ADNOC Gas was recently listed in the Abu Dhabi Securities Exchange after raising $2.5bn through an IPO, the largest flotation this year.