Abu Dhabi National Oil Company (ADNOC Gas), listed on the Abu Dhabi Securities Exchange, reported a 21 percent year-on-year increase in second-quarter net profit to around AED 4.4 billion ($1.2 billion), the company said in a statement on Monday.
The company recorded revenues of AED 22.3 billion ($6.1 billion) in the second quarter, an increase of 13 percent year-on-year, benefiting from population and industrial growth in the UAE, which contributed to increased demand for gas and increased sales volumes in the local market.
ADNOC Gas provides more than 60 percent of the UAE’s sales gas needs to support the development of key industrial sectors and growth in the petrochemical sector, the statement said.
