Arab News, Saturday, Apr 01, 2023 | Ramadan 10, 1444
ADNOC Gas annual core earnings jump 32% on pro forma basis
Saudi Arabia: Abu Dhabi National Oil
Co. Gas on Thursday reported a 32 percent increase in its 2022 core earnings on
a pro forma basis, citing a higher pricing environment and increased sales
volumes amid strong market conditions.
ADNOC raised $2.5 billion earlier this month by
selling a 5 percent stake in ADNOC Gas to investors via an initial public
offering.
ADNOC Gas' pro forma adjusted core earnings for
last year came in at $8.7 billion, the company said in a bourse filing, up from
$6.6 billion in 2021.
ADNOC Gas became operational on Jan. 1 through the
consolidation of ADNOC Gas Processing, ADNOC LNG and ADNOC Industrial Gas.