ADNOC Group’s six listed portfolio companies reported a combined revenue of $24.2B (AED 89B) for H1 2024, with net profit surpassing AED 16B and EBITDA at AED28.4B.
ADNOC Distribution achieved a 16.2% YoY rise in EBITDA to AED 1.9B, with profit up 7.7% to AED 1.2B. Revenue increased by 8.7% to AED 17.5B. The company added 10 new service stations, expanding its network to 847, and is on track to meet its full-year goal of 20 new sites.
ADNOC Drilling reported a 26% YoY increase in revenue to AED 6.6B, with net profit at AED 2.1B, up 28%. EBITDA rose by 34% to AED 3.3B. The firm, with 140 rigs, remains the largest national drilling company in the Middle East by fleet size.
ADNOC Gas posted a 21% YoY rise in half-year income to $1.2B, while revenue increased by 13% to $6.1B, driven by higher domestic gas sales. The company recently signed a long-term agreement with Osaka Gas for LNG delivery.
ADNOC L&S recorded a 31% YoY increase in net profit to AED 1.5B, with revenue rising 42% to AED 6B. EBITDA also grew by 42% to AED 2.2B. The company plans to invest over AED 18.3B in maritime logistics by 2028 and has awarded contracts for new carriers and LNG tankers.
Borouge reported a 35% YoY increase in net profit to AED 2.1B, driven by higher production and sales. Its revenue stood at AED 10.3B, with an adjusted EBITDA of AED 4.3B.
Fertiglobe generated AED 3.8B in revenue, with EBITDA and profit at AED 1.4B and AED 493.6M, respectively. The company secured a contract to supply renewable ammonia to the EU by 2033.
