CME glitch; U.S. dollar on pace for weekly fall; Tokyo CPI - what’s moving markets
Investing.com -- Adnoc Gas reported an 8% increase in third-quarter net profit to $1.34 billion, exceeding analyst expectations of $1.32 billion, despite facing headwinds from lower oil prices.
The Abu Dhabi-owned gas company announced Thursday that the strong performance was primarily driven by its domestic gas division, which benefited from improved underlying margins following contract renegotiations. This growth came despite a 14% year-on-year decline in oil prices that weighed on overall earnings.
In a significant move for shareholders, Adnoc Gas declared its first-ever third-quarter dividend of $896 million. The company also extended its policy of 5% annual dividend growth through to 2030, signaling confidence in its long-term financial outlook.
Capital expenditure saw a substantial increase during the quarter, jumping more than 60% year-on-year to $827 million as the company continued to invest in its operations.
Shares in Adnoc Gas rose 0.6% in morning trading in Abu Dhabi following the announcement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.