Adnoc Gas is facing an unprecedented challenge because of the Middle East conflict, with gas output and revenue down significantly. Nevertheless, the company is confident that its resilience and flexibility mean it can maintain both growth plans and dividend payments.
With production and sales volumes plummeting, Adnoc Gas’ balance sheet has taken a serious hit. Net income halved year on year to $665mn in the second quarter. For the year as a whole, it is guiding for $3.5-4.0bn, a sizeable drop from $5.2bn last year. (CONTINUED - 628 WORDS)
