ADNOC Gas has announced by publishing a report that the financial results of the first quarter of 2024 (first quarter of 2024) have reached 1187 million dollars.

According to Amac News: ADNOC Gas has said that the adjusted net income of the company reached 1187 million dollars with an improvement of 21%.
ADNOC Gas is a highly efficient domestic gas supplier benefiting from favorable market demand, the company's report said.
ADNOC gas supplies more than 60% of the UAE's gas demand and is the largest supplier to the petrochemical sector in the country.
As a result of improved revenue and continued focus on operational efficiency, first quarter 2024 earnings before interest, taxes, depreciation and amortization (EBITDA) increased to $2,076 million, a 17% increase year-over-year.
"Strong cash flow generation will enable us to increase annual profit by 5 percent to $3.41 billion in 2024," he added.
The company plans to invest more than $13 billion in domestic and international growth opportunities between 2024 and 2028.
ADNOC Gas is well positioned to benefit from ADNOC's planned increase in oil production capacity to five million barrels per day by 2027, which will help increase associated gas production.
The company is looking for international growth and acquisition of new positions in the gas value chain in Europe, India, China and Southeast Asia. Increase your current business.
In the first quarter of 2024, the company continued to make progress with two strategic growth projects and incurred $387 million in CAPEX, a 123% increase year-over-year and in line with its FY24 guidance.
ADNOC Gas also signed a new 10-year LNG supply contract in the first quarter under which ADNOC Gas will supply 0.5 million tons of LNG annually to GAIL India Limited, India's leading natural gas company.
At the recent Annual General Meeting (AGM), the board of directors approved ADNOC Gas's proposal to distribute 2023 total profits of $3.25 billion.