By: AGBI

Adnoc Gas said net income grew by double digits in the first nine months of 2025 thanks to an efficiency drive and reduced operating costs.

Net profit rose 10 percent year on year to nearly $4 billion during the period despite the top line falling by 2 percent annually to almost $18 billion.

Oil prices averaged $71 per barrel in the first nine months of 2025 compared to $83 in 2024, the company, a subsidiary of state-backed Abu Dhabi National Oil Company (Adnoc), said in a statement to the Abu Dhabi Securities Exchange on Thursday.

Domestic gas volumes increased to 1,825 trillion British thermal units (Btu) in the first nine months of 2025, up from 1,763 trillion Btu a year ago.

The bottom line for the third quarter rose 8 percent year on year to $1.4 billion. However, revenue fell 6 percent annually to $5.9 billion.

Earnings before interest, tax, depreciation and amortisation hit a record $914 million in the third quarter, jumping 26 percent year on year. Adnoc Gas attributed this to a 4 percent rise in domestic sales volumes and “successful structural improvements from contract renegotiation”.

Capital expenditure for the third quarter was $827 million, primarily driven by growth projects.

The company’s board approved a 5 percent annual increase in dividend payout until 2030, the statement said.

The gas producer introduced quarterly dividend distributions starting in the third quarter of 2025, totalling $896 million, payable by December 12, 2025.

XRG, the low-carbon energy and chemicals investment arm of Adnoc, owns 86 percent of the company.

Shares in Adnoc Gas closed 0.6 percent higher at AED3.42 on Wednesday on ADX. The stock has fallen 3 percent in the year to date.