Abu Dhabi's Adnoc Gas has reported a 16 per cent annual jump in its second-quarter profit, despite a lower oil price environment, capitalising on operational and cost efficiencies.
Net profit in the three months ended June rose to a record $1.39 billion, the Abu Dhabi National Oil Company unit said on Wednesday in a filing to the Abu Dhabi Securities Exchange, where its shares trade.
Revenue for the period was down more than 4 per cent year-on-year to $4.66 billion, while earnings before interest, taxes, depreciation and amortisation – a key measure of profitability – climbed 8 per cent to $2.26 billion.
The company's highest quarterly profit was “fuelled by our strong local market business and improved operational efficiency … we remain well-positioned for long-term growth”, said chief executive Fatema Al Nuaimi.
Adnoc Gas's Ebitda margin of 36.6 per cent showed its "resilient business model, coupled with effective optimisation strategies ... underscoring our adaptability in the current price environment", the company said in the bourse filing.
For the first half of 2025, net profit increased by 11.3 per cent annually to $2.65 billion, while revenue inched down less than 1 per cent to $9.33 billion.
Ebitda for the first half hit $4.42 billion, a 6 per cent year-on-year rise from the same period in 2024.
The Adnoc Gas board of directors approved an interim dividend of $1.792 billion, a 5 per cent year-on-year increase, which will be distributed in September, it said.
"With healthy cashflows and robust margins, we are well on our way to achieving our ambition of over 40 per cent Ebitda growth between 2023 and 2029," Ms Al Nuaimi said.
Oil price volatility
Oil prices have trended upwards since May, peaking on June 19 after Israel attacked Iran, but they have fallen since. That, among other geopolitical tensions, has added to market volatility.
On Monday, oil prices dropped after Opec+ agreed to another large output rise in September.
Brent, the benchmark for two thirds of the world's oil, was up 1.06 per cent to $68.36 a barrel at 11.19am UAE time on Wednesday. West Texas Intermediate, the gauge that tracks US crude, was trading 1.04 per cent higher at $65.84 a barrel.
Brent and WTI are now down about 9 per cent in 2025. On a year-on-year basis, the benchmarks have retreated more than 13 per cent.
However, Adnoc Gas said its second-quarter results show that the company’s product portfolio is "resilient to oil price volatility".
The company's capital expenditure of about $1.22 billion in the first half of the year was primarily allocated to growth projects, with $217 million allocated to sustaining assets and supporting turnaround activities.
These "are crucial for extending their technical life and ensuring operational excellence", Adnoc Gas said.
Adnoc Gas is a key player in parent company Adnoc’s strategy to enhance its natural gas production capacity and expand global liquefied natural gas exports. It supplies about 60 per cent of the UAE’s gas sales needs and supplies end-customers in more than 20 countries.
The company, which has access to 95 per cent of the UAE’s natural gas reserves, is looking to boost exports of products such as LNG, liquefied petroleum gas and naphtha.
Alongside other Adnoc units, Adnoc Gas has been boosting investments to expand its geographical and operational reach.
Growth strategy
On Monday, Adnoc Gas signed a 10-year preliminary agreement with Hindustan Petroleum Corporation (HPCL) to supply LNG to the Indian fuel retailer on the back of strong demand for low-carbon fuel.
That builds on Adnoc's strategy to build its customer base after a series of LNG agreements in the past two years.
In February, Adnoc Gas signed a 14-year deal to supply up to 1.2 million tonnes per annum of LNG to state-backed Indian Oil. The agreement is valued between $7 billion and $9 billion, Adnoc Gas said at the time, adding that Indian Oil is set to become the largest buyer of LNG from Adnoc by 2029.
The Abu Dhabi company signed another contract with Indian Oil in September last year, in which it signed a preliminary 15-year agreement with the company to supply 1 million tonnes a year of LNG to India.
In April last year, Adnoc Gas said it plans to invest more than $13 billion until 2029 to pursue domestic and international growth opportunities as it aims to expand its LNG production capacity.
The company aims to more than double its LNG output capacity by 2028 through the strategic acquisition of the new Ruwais LNG plant from parent company Adnoc and potentially target assets in Europe, India, China and South-East Asia, it said at the time.
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The%20US%20Congress%2C%20explained
%3Cp%3E-%20US%20Congress%20is%20divided%20into%20two%20chambers%3A%20the%20House%20of%20Representatives%20and%20Senate%3C%2Fp%3E%0A%3Cp%3E-%20435%20members%20make%20up%20the%20House%2C%20and%20100%20in%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%20A%20party%20needs%20control%20of%20218%20seats%20to%20have%20a%20majority%20in%20the%20House%3C%2Fp%3E%0A%3Cp%3E-%20In%20the%20Senate%2C%20a%20party%20needs%20to%20hold%2051%20seats%20for%20control%3C%2Fp%3E%0A%3Cp%3E-%20In%20the%20event%20of%20a%2050-50%20split%2C%20the%20vice%20president's%20party%20retains%20power%20in%20the%20Senate%3C%2Fp%3E%0A
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
Asia Cup 2018 final
Who: India v Bangladesh
When: Friday, 3.30pm, Dubai International Stadium
Watch: Live on OSN Cricket HD
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
More from Neighbourhood Watch:
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Results
5.30pm Maiden (TB) Dh82,500 (Turf) 1,400m
Winner Spirit Of Light, Clement Lecoeuvre (jockey), Erwan Charpy (trainer)
6.05pm Maiden (TB) Dh82,500 (Dirt) 1,900m
Winner Bright Start, Pat Cosgrave, Saeed bin Suroor
6.40pm Handicap (TB) Dh92,500 (D) 2,000m
Winner Twelfthofneverland, Nathan Crosse, Satish Seemar
7.15pm Handicap (TB) Dh85,000 (T) 1,600m
Winner Imperial Empire, Tadhg O’Shea, Satish Seemar
7.50pm Handicap (TB) Dh92,500 (T) 2,000m
Winner Record Man, Tadhg O’Shea, Satish Seemar
8.25pm Handicap (TB) Dh92,500 (D) 1,600m
Winner Celtic Prince, Fabrice Veron, Rashed Bouresly
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
