Adnoc Gas, the integrated gas processing unit of Adnoc, reported a 24 per cent jump in its fourth-quarter profit as the company sold larger volumes of natural gas and other commodities amid higher prices.
The company’s net income rose to $1.35 billion in the three months that ended in December, it said in a filing to the Abu Dhabi Securities Exchange on Monday, where its shares are traded.
Revenue rose to $6.3 billion in the latest reported quarter from $5.89 billion in the same period a year earlier.
“Adnoc Gas delivered a strong set of results in 2023, overcoming a challenging market environment in the first half of the year,” said Ahmed Alebri, its chief executive.
“Adnoc Gas sustained its strong sales momentum during the year, signing new LNG [ liquefied natural gas] supply agreements valued between $9 billion and $12 billion, capitalising on the growing global demand for LNG as a transitional fuel.”
The company’s domestic gas production volumes grew 6 per cent year-on-year to 596 trillion British thermal units (tbtu) in the fourth quarter, while the volume of exported and traded liquids increased by more than 3 per cent to 260 tbtu.
Adnoc Gas’ share of LNG production volumes improved year on year to 64 tbtu from 45 tbtu.
Brent crude, the benchmark for two thirds of the world’s oil, was 6 per cent lower in 2023’s final quarter compared with a year ago, while Asian spot LNG prices declined by 61 per cent during the same period.
However, prices of liquefied petroleum gas and naphtha improved slightly annually, the company said.
Adnoc Gas supplies to customers, mostly utilities and industrial companies, throughout the UAE through an extensive network of pipelines.
It also produces a range of associated products, including ethane, butane and propane, paraffinic naphtha, gas condensate and sulphur that are sold to domestic and international customers.
Last year, parent company Adnoc raised about Dh9.1 billion ($2.5 billion) from the sale of a 5 per cent stake in the gas business in one of the largest initial public offerings of 2023.
Adnoc continues to own 90 per cent of the company, which has access to 95 per cent of the UAE's natural gas reserves, the seventh largest globally.
For the full-year 2023, Adnoc Gas’ net income dipped 2 per cent to $4.72 billion, while revenue declined by 12 per cent to $22.73 billion.
Domestic gas production volumes last year increased by 6 per cent to 2,315 tbtu, while the volume of exported and traded liquids rose by 2 per cent to 994 tbtu.
Adnoc Gas expects its sales volumes to be between 3,400 and 3,500 tbtu this year, compared with 3,540 tbtu in 2023.
“As with prior years, sales volumes should follow a seasonal pattern with an uptick over the summer period,” the company said.
Adnoc Gas said net profit unit margins for domestic gas products will record a “slight” single digit increase this year compared with 2023 and added that the company’s other products will contribute an additional $150 million in net income.
“It is important to remember that, from time to time, individual product prices may decouple from oil prices in line with prevailing supply demand evolution of the respective markets,” the company said.
Adnoc Gas plans to invest between $2 billion and $2.5 billion in 2024, marking a “significant” increase from the previous year.
This investment is driven by growth projects announced in 2023, it said.
For 2023, Adnoc Gas confirmed its dividend of $3.25 billion, of which an interim cash dividend of $1.625 billion was paid in December 2023 and a further $1.625 billion will be paid in the second quarter of 2024.
The company expects annual dividend growth of 5 per cent per share over the next four years, it said.
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Scoreline
Arsenal 3
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Southampton 2
Long (17'), Austin (73')
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Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
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Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The specs
Engine: 4.0-litre flat-six
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- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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How much sugar is in chocolate Easter eggs?
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