16 Hrs
Source:
Sky News
Adnoc Gas reports $665M Q2 profit
Adnoc Gas announced its financial results for the second quarter of 2026, achieving a net income of 2.44 billion dirhams (approximately $665 million), surpassing the guidance range of 1.47 billion to 2.20 billion dirhams ($400 to $600 million), despite external challenges faced. The company also made progress in executing its growth strategy by making two investment decisions and awarding two contracts for phases two and three of the rich gas development project, aiming to enhance its capabilities in processing and exporting natural gas, and supporting energy security in the UAE. The company expects to continue achieving sustainable growth, with a plan to invest around $28 billion between 2026 and 2030, as well as raising its profit growth target before interest, taxes, depreciation, and amortization (EBITDA) to 60% by 2030.
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