ADNOC Gas’s profits in the second quarter of this year, after tax, increased by 21% to reach $1.2 billion, with income tax expenses recorded at $461.5 million.
This comes with a 20% growth in the company’s revenue for the second quarter, reaching $4.9 billion, supported by increased local demand for gas due to population and industrial growth.
Also, profits for the first half of the year increased by 5% to about $2.4 billion, with revenue growing by 15% to reach $9.4 billion.
The company mentioned in its statement that the profit margin in the second quarter was 34% due to the increased demand for sales and the benefits of a long-term gas supply and purchase agreement.
The company announced a total cash dividend distribution of $1.7 billion for the first half, equivalent to 8.16 cents per share, to be distributed in September, with the total amount distributed during the year being $3.4 billion.
This represents a 5% increase over the dividends distributed last year.
