emirates7 - The ADNOC Group’s listed portfolio companies collectively posted a combined net profit exceeding $2.3 billion (AED8.4 billion) in the first quarter of 2025, underscoring the strength and adaptability of their business models amid shifting market conditions.
All six entities delivered solid Q1 financial results while advancing strategic goals to fuel sustainable, profitable growth.
ADNOC Distribution recorded a Q1 net profit of $174 million (AED639 million), marking a 16% year-on-year increase and achieving its highest-ever EBITDA for a first quarter, thanks to record fuel sales and strong non-fuel retail performance. The company added 20 new service stations, expanding its network to 915 and staying on course to reach its goal of 40-50 new stations by the end of 2025. ADNOC Distribution reaffirmed its dividend policy, targeting an annual payout of $700 million (AED2.57 billion)—at least 75% of net profit or 20.57 fils per share—through 2028.
ADNOC Drilling reported a 32% year-on-year increase in revenue to $1.17 billion (AED4.3 billion), with EBITDA rising 22% to $533 million (AED1.96 billion) and net profit up 24% to $341 million (AED1.3 billion). The company secured new contracts exceeding $2.4 billion (AED8.8 billion), enhancing long-term earnings visibility. Its board approved a Q1 dividend of $217 million (AED796 million). For full-year 2025, ADNOC Drilling projects revenue between $4.6 and $4.8 billion (AED16.9–17.6 billion) and net profit in the range of $1.35–1.45 billion (AED4.95–5.32 billion).
ADNOC Gas posted a net income of $1.27 billion (AED4.7 billion) for Q1 2025, a 7% increase year-on-year, while EBITDA rose 4% to $2.16 billion (AED7.9 billion). This performance was driven by increased domestic gas demand and optimized management of planned shutdowns, which boosted processing capabilities. The company is working toward a long-term goal of growing EBITDA by over 40% between 2023 and 2029. Notable developments include $9 billion (AED30.24 billion) in LNG agreements with Indian Oil Corporation and JERA Global Markets, and a 43% year-on-year rise in capital expenditure. ADNOC Gas will also be added to the MSCI Emerging Markets Index from June 2, with projected investment inflows between $300–$500 million (AED1.0–1.8 billion).
ADNOC Logistics & Services (ADNOC L&S) reported Q1 revenues of $1.2 billion (AED4.34 billion), up 41% year-on-year, and EBITDA of $344 million (AED1.26 billion), up 20%. All business segments performed well, with Integrated Logistics growth offsetting seasonal softness in shipping rates. The company upheld its 2025 net income and EBITDA outlook and its broader mid-term targets. It plans to raise its 2025 annual dividend by 5% in line with its progressive dividend policy.
Borouge posted Q1 2025 net profit of $281 million (AED1.03 billion), supported by 10% growth in sales volumes and a 7% rise in production volumes year-on-year. Revenue increased 9% to $1.42 billion (AED5.21 billion), while EBITDA reached $564 million (AED2.07 billion), maintaining a strong 40% margin. Since initiating a share buyback program in April, Borouge has repurchased over 89 million shares, reflecting confidence in its future performance. The company plans to raise its 2025 dividend to 16.2 fils per share, with this level expected to be maintained until 2030 following the anticipated Q1 2026 completion of transactions involving Borouge Group International (BGI).
Fertiglobe also delivered strong Q1 2025 performance, with revenue increasing 26% and adjusted EBITDA rising 45% year-on-year. Excluding a one-off FX gain in Q1 2024, adjusted net profit surged 306%, driven by higher urea prices and operational efficiencies. Fertiglobe unveiled its “Grow 2030 Strategy,” targeting $1 billion in EBITDA by 2030 through enhanced operations, expanded offerings, and a focus on low-carbon ammonia. The company is also benefiting from ADNOC’s support to streamline $15–21 million (AED55.1–77.1 million) in fixed costs and save $10 million (AED36.7 million) in annual interest, which together are projected to lift EPS by 13–16% post-tax by end-2025. Fertiglobe reaffirmed its policy to return excess free cash flows to shareholders and launched a share buyback program covering up to 2.5% of outstanding shares.
All six entities delivered solid Q1 financial results while advancing strategic goals to fuel sustainable, profitable growth.
ADNOC Distribution recorded a Q1 net profit of $174 million (AED639 million), marking a 16% year-on-year increase and achieving its highest-ever EBITDA for a first quarter, thanks to record fuel sales and strong non-fuel retail performance. The company added 20 new service stations, expanding its network to 915 and staying on course to reach its goal of 40-50 new stations by the end of 2025. ADNOC Distribution reaffirmed its dividend policy, targeting an annual payout of $700 million (AED2.57 billion)—at least 75% of net profit or 20.57 fils per share—through 2028.
ADNOC Drilling reported a 32% year-on-year increase in revenue to $1.17 billion (AED4.3 billion), with EBITDA rising 22% to $533 million (AED1.96 billion) and net profit up 24% to $341 million (AED1.3 billion). The company secured new contracts exceeding $2.4 billion (AED8.8 billion), enhancing long-term earnings visibility. Its board approved a Q1 dividend of $217 million (AED796 million). For full-year 2025, ADNOC Drilling projects revenue between $4.6 and $4.8 billion (AED16.9–17.6 billion) and net profit in the range of $1.35–1.45 billion (AED4.95–5.32 billion).
ADNOC Gas posted a net income of $1.27 billion (AED4.7 billion) for Q1 2025, a 7% increase year-on-year, while EBITDA rose 4% to $2.16 billion (AED7.9 billion). This performance was driven by increased domestic gas demand and optimized management of planned shutdowns, which boosted processing capabilities. The company is working toward a long-term goal of growing EBITDA by over 40% between 2023 and 2029. Notable developments include $9 billion (AED30.24 billion) in LNG agreements with Indian Oil Corporation and JERA Global Markets, and a 43% year-on-year rise in capital expenditure. ADNOC Gas will also be added to the MSCI Emerging Markets Index from June 2, with projected investment inflows between $300–$500 million (AED1.0–1.8 billion).
ADNOC Logistics & Services (ADNOC L&S) reported Q1 revenues of $1.2 billion (AED4.34 billion), up 41% year-on-year, and EBITDA of $344 million (AED1.26 billion), up 20%. All business segments performed well, with Integrated Logistics growth offsetting seasonal softness in shipping rates. The company upheld its 2025 net income and EBITDA outlook and its broader mid-term targets. It plans to raise its 2025 annual dividend by 5% in line with its progressive dividend policy.
Borouge posted Q1 2025 net profit of $281 million (AED1.03 billion), supported by 10% growth in sales volumes and a 7% rise in production volumes year-on-year. Revenue increased 9% to $1.42 billion (AED5.21 billion), while EBITDA reached $564 million (AED2.07 billion), maintaining a strong 40% margin. Since initiating a share buyback program in April, Borouge has repurchased over 89 million shares, reflecting confidence in its future performance. The company plans to raise its 2025 dividend to 16.2 fils per share, with this level expected to be maintained until 2030 following the anticipated Q1 2026 completion of transactions involving Borouge Group International (BGI).
Fertiglobe also delivered strong Q1 2025 performance, with revenue increasing 26% and adjusted EBITDA rising 45% year-on-year. Excluding a one-off FX gain in Q1 2024, adjusted net profit surged 306%, driven by higher urea prices and operational efficiencies. Fertiglobe unveiled its “Grow 2030 Strategy,” targeting $1 billion in EBITDA by 2030 through enhanced operations, expanded offerings, and a focus on low-carbon ammonia. The company is also benefiting from ADNOC’s support to streamline $15–21 million (AED55.1–77.1 million) in fixed costs and save $10 million (AED36.7 million) in annual interest, which together are projected to lift EPS by 13–16% post-tax by end-2025. Fertiglobe reaffirmed its policy to return excess free cash flows to shareholders and launched a share buyback program covering up to 2.5% of outstanding shares.