ADNOC GAS-

Adnoc Gas reported a 7% y-o-y increase in net income to USD 1.3 bn in 1Q 2025, “significantly [exceeding] market expectations” and marking one of its strongest quarters since listing, according to its earnings release (pdf). Revenues edged up 1.5% y-o-y to USD 6.1 bn, while EBITDA grew 4% y-o-y to USD 2.2 bn, supported by resilient gas demand and tighter execution of maintenance schedules.

Sales volumes rose 1% y-o-y despite planned shutdowns, as the company optimized turnaround times to unlock additional production, according to a separate financial presentation (pdf). Domestic gas margins improved to USD 1.09/mmbtu — above guidance — while Adnoc Gas capitalized on a favorable pricing window by locking in the forward bulk of FY 2025 LNG spot cargo sales early in the quarter.

LPG — now contributing 27% of total revenues — traded stronger than Brent during the quarter, further boosting margins, CFO Peter Van Driel said at a media briefing.

PLUS- Brent-linked exposure will have limited impact on financials down the line, Van Driel said in a separate interview with Bloomberg (watch, runtime: 05:35), as roughly two-thirds of Adnoc Gas’ volumes are sold domestically under fixed-price contracts — shielding earnings from oil price volatility, including a 4% drop in Brent during the quarter.

Capex rose 43% y-o-y to USD 555 mn as the company continued to invest through the cycle, in line with its revised five-year capex plan of USD 15 bn. Van Driel confirmed that the plan includes newer projects like IGD-E2 and MERAM, but excludes the larger Rich Gas Development (RGD) and Bab Gas Cap projects.

RGD alone could exceed USD 5 bn in total cost if the company proceeds with additional processing and fractionation trains, alongside the planned USD 4 bn debottlenecking phase, Van Driel said. A final investment decision is expected this summer, with Train 7 at Habshan and a new unit at Ruwais under review.

Looking ahead: The company expects to be included in the MSCI index next month, and on FTSE in September, following its February 2025 secondary offering, which increased its freefloat from 5% to 9%.

ALPHA DHABI HOLDING-

Alpha Dhabi Holding reported a net income of AED 2.1 bn for 1Q 2025, a decline of 54.5% compared to the same period last year, according to its financials (pdf). The company saw its revenues grow 22.8% y-o-y, reaching AED 17.4 bn. The group’s total assets stood at AED 185.3 bn at the end of the period.

Market fluctuations and changes in the fair market value of certain public investments accounted for the dip in its bottom line, according to a separate earnings release (pdf). In January, it upped its stake in National Corporation for Tourism and Hotels to 73.73%. The group credited its diversified portfolio in high-growth sectors for boosting its top line.

DU-

du’s bottomline increases 19.8% y-o-y to AED 722.5 mn: Emirates Integrated Telecommunications Company’s (du) reported a 19.8% y-o-y increase in net income to AED 722.5 mn in 1Q 2025, according to its financials (pdf). Revenues rose 7.4% y-o-y to AED 3.8 bn, with its mobile segment accounting for the largest portion of the top line with AED 1.7 bn in revenues, followed by its fixed segment with AED 1.1 bn.

What drove growth? The company attributed the strong performance to higher service revenues, a better revenue mix, operational efficiency, and a gain in market share, according to a press release. du’s mobile customer base grew 5.5% y-o-y to 9.1 mn, while fixed-line subscribers rose 13.8% y-o-y to 701k. The firm also cited effective cost controls and capital spending discipline.

Strategic moves: In a bid to diversify its revenue streams, du signed a strategic partnership with Microsoft to develop a hyperscale data center in the UAE, part of its pivot into high-growth digital infrastructure.

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