ADNOC Gas plc reported a net income of $1.3 billion in Q1 2023, compared to pro forma adjusted net income of $1.2 billion in the same year-ago period.
The first quarter income, however, included a $300 million benefit from recognising a deferred tax asset, a non-recurring item, following the formation of the company.
This is the first quarterly results by the company after its listing on the bourses.
The company’s net revenue in Q1 2023 declined to $5.2 billion from a pro forma adjusted revenue of $6.2 billion in the first quarter of last year.
The company said the decline in revenue was because of a subdued pricing environment in the global gas market.
During the reporting period, Brent crude oil prices, used for gas pricing, declined nearly 24% compared to Q1 2022, it said.
ADNOC Gas, however, said it demonstrated resilience in this challenging pricing environment, maintaining a robust EBITDA margin of 34 percent in the January-March quarter of this year, which was only one percent lower than that in Q1 2022.
The Company said it used the prevailing market conditions to proceed with several planned asset maintenance activities to enhance the safety and reliability of its facilities and contribute to continued world-class asset reliability and availability.
“All planned activities were completed on time and within budget, positioning the company for higher volumes in the second quarter,” it said.
The company also said lower prices and volumes in Q1, 2023 were offset by the lower cost of raw gas supply.
ADNOC Gas said it is targeting to pay a dividend of $1.625 billion in the fourth quarter of 2023 in respect of the first half of 2023.
A further $1.625 billion dividend is targeted to be paid in the second quarter of 2024 in respect of the second half of 2023.
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