Adnoc's listed firms post strong results with over $2.3b net profit

Adnoc Group's publicly traded portfolio companies combined to deliver over $2.3 billion (Dhs8.4 billion) in first quarter (Q1) net profit, reflecting their resilient business models and ability to generate robust profits in evolving market conditions.

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Each of the six companies delivered strong financial results in the first quarter, alongside clear progress on strategic priorities aimed at driving profitable growth.

Adnoc Distribution delivered first quarter net profit of $174 million (Dhs639 million), up 16 per cent year-on-year, and its highest-ever first quarter EBITDA behind record Q1 fuel sales and strong performance in non-fuel retail.

The company added 20 new service stations to its network in the quarter, bringing the total to 915 and putting it on track to meet its target of 40-50 new stations by the end of 2025.

Adnoc Distribution also reaffirmed its commitment to its dividend policy, aiming for an annual payout of $700 million (Dhs2.57 billion) equivalent to (20.57 fils per share) or at least 75 per cent of net profit, whichever is higher, through 2028.

Adnoc Drilling reported strong first quarter results with revenue up 32 per cent to $1.17 billion (Dhs4.30 billion) year-on-year (y-o-y), EBITDA up 22 per cent to $533 million (Dhs1.96 billion) y-o-y and net profit increasing 24 per cent to $341 million (Dhs1.30 billion) y-o-y.

The company also announced new contract awards worth over $2.4 billion (Dhs8.8 billion) providing unmatched multi-year earnings visibility and adding to its multi-billion-dollar revenue pipeline.