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ADNOC Gas, a subsidiary of the state energy company Abu Dhabi National Oil Company, said it made a pro forma net profit of $4.9 billion for the full year 2022 supported by higher sales and prices.
The company, which raised $2.5 billion in a record IPO last year and listed on the Abu Dhabi Securities Exchange, said it will focus on upstream capacity expansion and product mix optimization.
Pro forma adjusted revenue for 2022 was approximately $24.7 billion, a 27% increase versus $19.5 billion for FY 2021, the company said in a regulatory filing. For 2021, the company had an adjusted net profit of $3.6 billion.
Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said: “Looking ahead, we remain focused on executing the growth strategy communicated during our IPO, underpinned by anticipated upstream capacity expansion and product mix optimization." He added the company is well positioned to benefit from the long-term demand for global gas whilst playing a critical role in the energy transition.
The company reiterated its expectation to pay an annualized dividend of $3.25 billion for FY 2023, and grow annual dividend per share by 5% over the period 2024-2027
(Writing by Brinda Darasha; editing by Seban Scaria)
