Abu Dhabi National Oil Company's six listed companies today (August 12) reported combined revenue of $25.3 billion in the first half with major investments and project awards expected to support growth across the portfolio.

ADNOC Distribution, ADNOC Drilling, ADNOC Gas, ADNOC Logistics & Services, Borouge and Fertiglobe posted combined EBITDA of $7.8 billion and net profit of $4.8 billion in the six months ended June 30, said the Abu Dhabi group in a statement.

ADNOC Gas awarded $8.2 billion in engineering, procurement and construction contracts for phases two and three of its Rich Gas Development Project, raising its target for EBITDA growth to 60% by 2030 from 2023 levels, it stated.

ADNOC Distribution is progressing with its proposed acquisition of Shell's downstream business in South Africa, subject to regulatory approvals, while ADNOC Logistics & Services raised its full-year 2026 financial guidance for the third time.

ADNOC Drilling deployed its first artificial intelligence-enabled island rig ahead of schedule, while Borouge brought its first Borouge 4 facility into commercial operation. Fertiglobe continued to implement its 2030 growth strategy with the backing of ADNOC's investment platform XRG.

On its Distribution unit, ADNOC said it had reported a 59% rise in H1 net profit which rose to $568 million, while revenue was supported by record fuel volumes. Fuel volumes reached 7.75 billion litres and its network across the UAE, Saudi Arabia and Egypt expanded 11% year on year to 1,045 service stations.

ADNOC Drilling's first-half revenue rose 4% to a record $2.46 billion, while net profit increased 2% to $706 million. The company said its contracted revenue base continued to provide earnings visibility.

ADNOC Gas reported second-quarter net income of $665 million, above the upper end of its previously issued guidance range of $400 million-$600 million. Processing capacity at its Habshan site had recovered to 85% following earlier disruption, the company said.

ADNOC Logistics & Services reported a 46% increase in first-half revenue to $3.67 billion, while EBITDA almost doubled to $1.48 billion. Net profit rose 179% to $1.17 billion, driven by stronger shipping performance.

Borouge reported second-quarter revenue of $1.4 billion, up 20% from the previous quarter, while adjusted EBITDA rose 17% to $401 million. Net profit increased 23% to $191 million, supported by higher realised prices and sales volumes.

Fertiglobe's first-half revenue rose 59% to $2 billion, while adjusted EBITDA increased 63% to $713 million. Adjusted net profit attributable to shareholders rose more than threefold to $289 million.

The companies maintained operations and customer supply despite regional and logistics disruptions, stated ADNOC in its statement.

The six listed companies had a combined market capitalisation of about $148.4 billion, representing more than 20% of the Abu Dhabi Securities Exchange's total market value. They are expected to distribute about $43 billion in dividends between 2025 and 2030.-TradeArabia News Service