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Investing.com -- Adnoc Gas, the gas company owned by Abu Dhabi, reported a first-quarter net income of $1.27 billion, marking a 7% increase.
This figure surpassed market predictions of $1.13 billion, as per the estimates put together by Visible Alpha.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw an increase, rising 4% year-on-year to reach $2.16 billion.
The growth in performance was primarily fueled by domestic gas demand and the efficient handling of planned shutdowns.
Adnoc Gas also reported that total sales experienced an uplift due to robust economic growth in the United Arab Emirates.
As part of its future strategies, the company continues to make investments to reach its long-term EBITDA growth target, which is set at over 40%.
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