Adnoc Gas awards $8.2bn in contracts to spur growth as earnings beat estimate
Adnoc Gas 's second-quarter net profit beat estimates as it restored processing capacity at its Habshan Complex to 85 per cent ahead of schedule and invested $8.2 billion investment to spur future growth. Total comprehensive income for three months to the end of June reached $664.65 million, ahead of the company's estimated $400 million to $600 million range, “despite exceptional external…
Adnoc Gas reported a second-quarter net profit of $664.65 million, exceeding estimates of $400 million to $600 million, in its latest earnings release. The company's recovery of the Habshan Complex, which was restored to 85% capacity ahead of schedule, contributed significantly to the positive results. Despite a 33% decline in revenue to $3.11 billion, Adnoc Gas remains optimistic about its future growth, with full-year net income expected to range between $3.5 billion and $4 billion.
The company anticipates further investments totaling $8.2 billion to spur future growth, particularly in the Rich Gas Development Project. CEO Fatema Al Nuaimi expressed confidence in Adnoc Gas's position, citing the successful recovery of Habshan and the company's strong operational strategy.
Written by urgent.news from The National Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Adnoc Gas awards $8.2bn in contracts to spur growth as earnings beat estimate thenationalnews.com
