Adnoc Gas, a unit of global energy company Adnoc, reported a 3 per cent annual increase in 2025 net profit, as its domestic gas business helped the company navigate the volatility in the global hydrocarbons market.
Net income for the 12 months to the end of December climbed to a record $5.2 billion, Adnoc said in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares trade. The company’s domestic gas business delivered a 10 per cent year-on-year increase in earnings before interest tax, depreciation and amortisation (Ebitda) to $3.38 billion.
Sales volumes for the domestic gas business also grew by 4 per cent, driven by improved commercial terms following contract renegotiations.
Fatema Al Nuaimi, chief executive of Adnoc Gas, said 2025 was a "defining year" for the company. "We delivered record earnings while investing in growth, demonstrating that our business is resilient, scalable and globally relevant,” she said.
The global pricing environment remained mixed last year with Brent crude prices averaging $69 per barrel in 2025, a 14 per cent year-on-year slump compared with $81 a barrel achieved in 2024.
The liquefied petroleum gas and Naphtha market prices also recorded declines of 9 per cent and 11 per cent, respectively, on an annual basis. But liquefied natural gas market prices were up by 7 per cent year-on-year.
In the three months to the end of December, Adnoc Gas delivered a net income of $1.17 billion, a 15 per cent decrease on an annual basis, primarily driven by a lower pricing environment and planned maintenance activities, as well as a one-off positive impact on income in the fourth quarter of last year following contract negotiations with the Emirates Water and Electricity Company (Ewec).
Revenue for the fourth quarter reached $5.48 billion while its quarterly Ebitda hit $2.04 billion, with the Ebitda margin climbing to more than 37 per cent, despite further weakening in commodity prices.
“The quarterly results further highlighted strong domestic gas performance, with demand remaining steady throughout the milder weather conditions of the final quarter,” Adnoc Gas said.
The company’s overall domestic adjusted Ebitda for October to December rose 6 per cent annually to $795 million.
Capital expenditure
Adnoc Gas, which aims for a 30 per cent increase in processing capacity in the next four years, on Monday said capital expenditure in 2025 almost doubled to $3.6 billion. Despite a volatile pricing environment, Adnoc Gas remains “well positioned to capture continued domestic demand growth beyond 2026”, the company added.
The domestic gas business is also set to continue growing, supported by strategic infrastructure investments, including the Adnoc Estidama gas pipeline project, which will expand access to the Northern Emirates and reinforce the UAE’s long-term objective of achieving gas self-sufficiency.
The Final Investment Decision for phases two and three of the Rich Gas Development project is expected in the first quarter of 2026, Adnoc Gas said. The expansion is one of the critical projects that will help the company to expand its overall capacity by 30 per cent by 2029.
“As demand for reliable delivery of gas continues to expand, Adnoc Gas is strategically positioned to serve both the UAE and international markets with confidence and discipline,” Ms Al Nuaimi said.
