ADNOC Group’s publicly traded portfolio companies collectively reported more than $2.3 billion (AED8.4 billion) in net profit for the first quarter of 2025, showcasing their resilient business models and capability to generate substantial profits amid changing market conditions.
All six companies posted strong financial results during the first quarter, along with notable advancements on strategic priorities focused on fostering profitable growth.
ADNOC Distribution
ADNOC Distribution achieved a first quarter net profit of $174 million (AED639 million), marking a 16 percent increase year-on-year, and recorded its highest-ever first quarter EBITDA, driven by exceptional Q1 fuel sales and robust performance in non-fuel retail.
The company expanded its network by adding 20 new service stations in the quarter, bringing the total to 915 and positioning itself to reach its goal of 40-50 new stations by the end of 2025.
Furthermore, ADNOC Distribution reaffirmed its commitment to its dividend policy, targeting an annual payout of $700 million (AED2.57 billion), equivalent to 20.57 fils per share or at least 75 percent of net profit, whichever is higher, through 2028.
Read more: ADNOC’s ICV Program generates 17,000 job opportunities for Emiratis
ADNOC Drilling
ADNOC Drilling reported results for the first quarter, with revenue increasing by 32 percent to $1.17 billion (AED4.30 billion) year-on-year, EBITDA rising by 22 percent to $533 million (AED1.96 billion) year-on-year, and net profit surging by 24 percent to $341 million (AED1.30 billion) year-on-year.
The company also announced new contract awards totaling over $2.4 billion (AED8.8 billion), ensuring unmatched multi-year earnings visibility and bolstering its multi-billion-dollar revenue pipeline.
Additionally, ADNOC Drilling’s Board of Directors approved quarterly dividend distributions, resulting in a payment of $217 million (AED796 million) for the first quarter of 2025.
For 2025, ADNOC Drilling anticipates revenues between $4.60 billion and $4.80 billion (AED16.9 billion – AED17.6 billion) and net profit ranging from $1.35 billion to $1.45 billion (AED4.95 billion – AED5.32 billion).
ADNOC Gas
ADNOC Gas reported a net income of $1.27 billion (AED4.7 billion) for Q1 2025, representing a 7 percent year-on-year increase, with EBITDA of $2.16 billion (AED7.9 billion), up 4 percent year-on-year. This growth was fueled by rising domestic gas demand and effective management of the planned shutdown program, which enhanced processing capacity.
The company is committed to achieving its long-term EBITDA growth target of over 40 percent between 2023 and 2029. Noteworthy LNG supply agreements valued at $9 billion (AED30.24 billion) were signed with Indian Oil Corporation and JERA Global Markets, with capital expenditures rising by 43 percent year-on-year.
On 13th May, ADNOC Gas was selected for inclusion in the MSCI Emerging Markets Index after fulfilling the necessary criteria. This inclusion, effective from 2nd June, is anticipated to increase cash inflows by $300-$500 million (AED1.0 billion – AED1.8 billion) and attract additional international institutional investors.
ADNOC Logistics & Services plc (ADNOC L&S) delivered strong financial results for Q1 2025, with a 41 percent increase in revenue to $1.2 billion (AED4.34 billion) and a 20 percent rise in EBITDA to $344 million (AED1.26 billion), supported by solid performance across all business segments. These results underscore the resilience of the company’s diversified business model, where growth from the Integrated Logistics segment compensated for lower seasonal shipping rates.
ADNOC L&S maintained its 2025 net income and EBITDA guidance, as well as its medium-term outlook, reflecting continued positive long-term growth and strategic expansion. The company expects its 2025 annual dividend to increase by 5 percent, aligning with its progressive dividend policy.
Borouge
Borouge reported strong Q1 2025 results, with a net profit of $281 million (AED1.03 billion), driven by year-on-year increases of 10 percent for sales volumes and 7 percent for production volumes.
Revenue rose by 9 percent year-on-year to $1.42 billion (AED5.21 billion), with EBITDA reaching $564 million (AED2.07 billion), maintaining industry-leading margins of 40 percent.
The company also announced it has purchased over 89 million of its own shares since initiating its share buyback program in April, reflecting strong confidence in its future prospects. Borouge plans to increase its 2025 annual dividend to 16.2 fils per share, which is expected to be sustained until 2030 by Borouge Group International (BGI), following the completion of BGI transactions anticipated to close in Q1 2026.
Fertiglobe
Fertiglobe reported robust Q1 2025 results, with revenues increasing by 26 percent and adjusted EBITDA rising by 45 percent year-on-year. Adjusted net profit would have surged by 306 percent, excluding last year’s one-off foreign exchange revaluation gain, driven by higher urea prices and operational efficiencies.
