Etihad Energy reports strong Q1 growth following Brooge deal

HMDUBAI: Etihad Energy Holding PJSC recorded a revenue of AED109.7 million in the first quarter of 2026, representing a growth of 64% compared to the revenue of the same period last year according to consolidated accounts, and an increase of 325% compared to the revenue of Gulf Navigation Company which stood at AED25.8 million during the first quarter of 2025.The company, which is listed on the Dubai Financial Market under the symbol GULFNAV, explained that these results represent the first full quarterly results after changing the group’s corporate identity from “Gulf Navigation Holding PJSC” to “Etihad Energy Holding PJSC” and completing the acquisition of Brooge Energy on 27 November 2025.According to the results, the company’s gross profit reached AED62.5 million during the first quarter of 2026, with a gross profit margin reaching 57%, compared to AED4.6 million and a gross profit margin of 18.1% during the same period of 2025.Adjusted EBITDA also recorded AED72 million during the first quarter of the current year, with a margin of 66%, compared to AED32.8 million and a margin of 49% during the first quarter of 2025.The company achieved a profit of AED19.8 million during the first quarter of 2026, compared to losses of AED6.9 million during the same period last year.Saif Al Hazaimeh, CEO of Etihad Energy Holding, said that the results of the first quarter of 2026 reflect the strategic and positive impact of the Brooge Energy acquisition deal, noting that the financial and operational performance reflects the success of the company’s strategic transformation under its new identity. He added that the group continues to implement growth and expansion plans, focusing on completing the third phase of the expansion project, alongside moving forward with the naphtha-to-gasoline refinery project, and enhancing the efficiency of shipping operations to support building a more diversified and broader company.Regarding strategic developments, the company reported that it completed during November 2025 the acquisition of all assets of Brooge Energy Limited and its subsidiaries, which contributed to integrating the storage platform of Brooge Petroleum and Gas Investment into the group’s business.Furthermore, shareholders approved during the Annual General Meeting held on 24 April 2026 changing the company name to “Etihad Energy Holding PJSC”, with expectations to conclude the name amendment with official authorities and the trading symbol on the Dubai Financial Market during the coming weeks.On the projects front, the company expected that Phase 3 of the expansion project will contribute to adding a new storage capacity estimated at about 1.09 million cubic metres, more than doubling the current storage capacity, while Phase 3A is currently undergoing detailed engineering design works, alongside the completion of draft engineering, procurement, and construction contracts.The company also announced the award of the detailed engineering design contract for the naphtha-to-gasoline refinery project to PEG Engineering, adopting the conversion technology licensed by Honeywell, provided that the first phase includes the construction of a refining unit with a processing capacity of 14,500 barrels per day of naphtha and converting it into gasoline matching Euro 5 standards.Article Source: Emirates News Agency (WAM)Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.