ADNOC Gas reports higher Q1 profit as lower costs offset weak volumes | Reuters
Abu Dhabi National Oil Company's gas subsidiary reported higher first quarter profit on Thursday, as lower prices and volumes at the gas unit were offset by lower cost of raw gas supply, the company said.
ADNOC Gas (ADNOCGAS.AD), which debuted with a March IPO that raised $2.5 billion, reported a net income of $1.3 billion for the first quarter ended March 31, up 9% from the year earlier, on a pro forma adjusted basis.
The company, which is targeting to pay a dividend of $1.625 billion in the fourth quarter of 2023, said net income for the reported quarter included a one-time tax benefit of $300 million.
Revenue fell 15% year-on-year to $6.2 billion.
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