ADNOC Gas Delivers Strong Q3 Results; Board Approves Strategy Update - Thailand PR News - [Banking](https://thailandbusinessnews.net/category/banking/) - [Companies](https://thailandbusinessnews.net/category/companies/) - [Economy](https://thailandbusinessnews.net/category/economy/) - [Press Releases](https://thailandbusinessnews.net/category/press-release/) - [PR Newswire](https://thailandbusinessnews.net/pr-newswire-updates/) - [Tech](https://thailandbusinessnews.net/category/tech/) - [Tourism](https://thailandbusinessnews.net/category/tourism/) - [Press Release](https://thailandbusinessnews.net/category/press-release/) # ADNOC Gas Delivers Strong Q3 Results; Board Approves Strategy Update ##### Up next ![Experience Bliss at Premier Village Phu Quoc Resort: A Holistic Retreat for the Senses](https://i0.wp.com/thailandbusinessnews.net/wp-content/uploads/2024/11/The_resort_offers_diverse_daily_wellness_activities.jpg?resize=200%2C110&ssl=1 "Experience Bliss at Premier Village Phu Quoc Resort: A Holistic Retreat for the Senses") [](https://thailandbusinessnews.net/press-release/experience-bliss-at-premier-village-phu-quoc-resort-a-holistic-retreat-for-the-senses/) ###### [Experience Bliss at Premier Village Phu Quoc Resort: A Holistic Retreat for the Senses](https://thailandbusinessnews.net/press-release/experience-bliss-at-premier-village-phu-quoc-resort-a-holistic-retreat-for-the-senses/) Published on 11 November 2024 ##### Author ##### [ CISION PRNewswire ](https://thailandbusinessnews.net/author/cision/) ##### Tags - [PRNewswire](https://thailandbusinessnews.net/tag/prnewswire/) ![](https://mma.prnasia.com/media2/2553781/ADNOC_Gas_Logo.jpg?p=medium600 "logo") $1.24bn quarterly net income in Q3, up 11% YoY beating market expectations Revenues of $6.28 billion exceeding $6 billion for fourth quarter in a row Q3 results coincide with ADNOC Gas’ Board approval of an updated growth strategy Updated strategy targets over 40% growth in EBITDA by 2029 and includes $15 billion CAPEX ABU DHABI, UAE, Nov. 11, 2024 /PRNewswire/ — ADNOC Gas plc and its subsidiaries (together referred to as ‘ADNOC Gas’ or the ‘Company’) (ADX symbol: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing company, today announced strong earnings for the third quarter of 2024, with net income increasing 11% year-on-year (YoY) to $1.24 billion, beating Bloomberg consensus for the quarter. [![ADNOC Gas Delivers Strong Q3 Results; Board Approves Strategy Update](https://mma.prnasia.com/media2/2553657/ADNOC_Gas_Board_Q3_Results.jpg?p=medium600 "ADNOC Gas Delivers Strong Q3 Results; Board Approves Strategy Update")](https://mma.prnasia.com/media2/2553657/ADNOC_Gas_Board_Q3_Results.jpg?p=medium600) ADNOC Gas Delivers Strong Q3 Results; Board Approves Strategy Update The announcement of the company’s Q3 results coincides with ADNOC Gas’ Board of Directors approval of an updated growth strategy, that targets an increase of over 40% in EBITDA by 2029 and sets capital expenditure (CAPEX) of up to $15 billion for the period 2025-2029. Dr. Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said: "Our Q3 results are a testament to our robust performance while our updated strategy supports future proofing our business, aiming for over 40% EBITDA growth by 2029. We’re committed to delivering exceptional shareholder value with our ambitious growth plans and an expected 5% annual dividend increase. By advancing our projects and optimizing our existing assets, we will continue to support the UAE’s industrial diversification while delivering more gas to our domestic customers through our expanding infrastructure." "Additionally, through our decarbonization initiatives, we will help meet rising global demand for lower-carbon natural gas, positioning ADNOC Gas as a leader in the sustainable global gas industry," Dr. Alebri added. Q3 Results ADNOC Gas’ Q3 revenues rose to $6.281 billion, up 8% YoY, exceeding $6 billion for the fourth quarter in a row. The results are driven by higher sales volumes and an improved price environment for export-traded liquids. EBITDA increased 18% YoY to $2.205 billion, yielding a continually robust 35% EBITDA margin. Free cash flow was $1.184 billion. In the first nine months of 2024, net income increased 18% YoY to $3.62 billion. This is attributable to volumes of export traded liquids and LNG increasing 6.5%, sales gas rising by 4.5% YoY, and domestic gas growth of 3.5%. The nine-month results were improved further by better LPG and LNG pricing. This resulted in EBITDA for the first nine months of the year of $6.37 billion, an 18% increase YoY. Strategy Update In the UAE, the annual growth in gas demand to 2030 is expected to be 6%, versus an expected 2% at the time of the IPO. This strong increase in demand will be driven by higher economic activity, population growth and industrial expansion, underpinned by AI data centers and the food industry. To participate in this new demand growth, ADNOC Gas plans to increase Capex from $13 to $15 billion (2025-2029), which will fuel over 40% growth in EBITDA by 2029. All ADNOC Gas projects are subject to rigorous capital discipline, which has resulted in the transfer of the ESTIDAMA pipeline network project and funding of the Habshan CO2 Recovery project to the ADNOC Group. Both projects will continue to be managed and operated by ADNOC Gas. Meanwhile, the LNG 2.0 project, the rejuvenation and extension work for Das Island, has been cancelled. ADNOC Gas’ major focus until 2029 will be on the development and delivery of three large projects under construction (post-final investment decision (FID). These are the Maximization of Ethane Recovery and Monetization (MERAM) project, which will deliver up to 3.4 million tonnes per annum (mtpa) of ethane and NGL production capacity; the IGD-E2 project, which will have a gas processing capacity of 370 million standard cubic feet per day (mscfd); and Ruwais LNG, which will have the capacity to produce up to 9.6 mtpa of LNG. The updated growth strategy also advances the design and concept study of large-scale pre-FID projects to accommodate a significant increase in the company’s gas processing capabilities as ADNOC expands its upstream production capacity, as well as the Bab Gas Cap project, which are expected to be completed after 2029. $ Million Q323 Q2 24 Q3 24 YoY % QoQ % Q3 24 vs. Q3 23 Q3 24 vs. Q2 24 Revenue 5,807 6,076 6,281 8 % 3 % COGS -3,466 -3,480 -3,581 3 % 3 % Opex -479 -510 -495 3 % -3 % EBITDA 1,863 2,086 2,205 18 % 6 % Net Income 1,116 1,190 1,243 11 % 4 % EBITDA Margin 32 % 34 % 35 % 303 bps 77 bps Net Income Margin 19 % 20 % 20 % 59 bps 21 bps Free Cash Flow 1,308 1,002 1,184 -9 % 18 % [Link to Strategy Microsite](https://adnocgas.ae/en/strategy) About ADNOC Gas \*ADNOC Gas which refers to ADNOC Gas Plc and its subsidiaries (ADX: ADNOCGAS), listed on the ADX (ADX symbol: "ADNOCGAS" / ISIN: "AEE01195A234"), is a world-class, large-scale integrated gas processing company. We operate across the gas value chain, from receipt of feedstock from ADNOC (through large, long-life operations for gas processing and fractionation) to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs and supplies end-customers in over twenty countries. To find out more, visit: [www.adnocgas.ae](http://www.adnocgas.ae/) For investor inquiries, please contact: Christian AudiVice President, Investor Relations+971 (2) 6037366 For media inquiries, please contact: Colin JoyceVice President, Corporate Communications+971 (2) 6037444 [Source link ](https://www.prnasia.com/story/archive/4552794_AE52794_0?rand=89749) ``` This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network ``` ##### You May Also Like [](https://thailandbusinessnews.net/press-release/safety-under-pressure-chery-battery-faces-indonesian-ocean-for-53hours-still-running/) ![Safety Under Pressure: Chery Battery Faces Indonesian Ocean for 53+Hours – Still Running](https://i0.wp.com/thailandbusinessnews.net/wp-content/uploads/2025/06/1750407982_1.jpg?resize=260%2C140&ssl=1 "Safety Under Pressure: Chery Battery Faces Indonesian Ocean for 53+Hours – Still Running") - [Press Release](https://thailandbusinessnews.net/category/press-release/) ## Safety Under Pressure: Chery Battery Faces Indonesian Ocean for 53+Hours – Still Running JAKARTA, Indonesia, June 20, 2025 /PRNewswire/ — On June 17, Chery commenced the… - [CISION PRNewswire](https://thailandbusinessnews.net/author/cision/ "View all posts by CISION PRNewswire") - June 20, 2025 [](https://thailandbusinessnews.net/press-release/momax-marks-new-milestone-by-launching-first-ever-store-at-hong-kong-international-airport/) ![MOMAX Marks New Milestone by Launching First Ever Store at Hong Kong International Airport](https://i0.wp.com/thailandbusinessnews.net/wp-content/uploads/2024/03/MOMAX_Technology.jpg?resize=260%2C140&ssl=1 "MOMAX Marks New Milestone by Launching First Ever Store at Hong Kong International Airport") - 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