SHANGHAI, Oct. 14, 2024 /PRNewswire/ -- On October 11, 2024, woobaby, China's up-and-coming designer children's clothing brand, premiered its autumn/winter collection at the KIDS WEAR showcase during Shanghai Fashion Week, held at the 800Show in Jing'an district. The runway transformed into a whimsical planet of fluffy friends, complete with spaceships, towering fuzzy monsters, and streets and castles adorned with soft textures, enchanting both the child models and the audience.
Since its establishment in 2020, woobaby has emerged as an impressive new force in the industry, captivating attention with its innovative designs in children's wear. Unlike the conventional design styles of traditional clothing, woobaby's design philosophy defies the norm and is exceptionally imaginative. The brand's designers embrace a child's perspective, incorporating bold and playful structures and colors into their designs in an unconventional manner. The approach respects and encourages children's innate nature, attracting a community of young families who cherish expressive attitudes.
At the Fashion Week, woobaby debuted its original star series, the Fluffy Friends, featuring three beloved characters: Berry Cake, Bowknot, and Cocoa Beans. Jensen, the creative director of woobaby, revealed that the inspiration behind the series comes from childhood companions - plush toys - imbued with unique personalities through original design, making them intimate partners for children as they grow. The collection showcases meticulous attention to detail in fabric selection, prints, and tailoring, ensuring it is cherished by both children and parents.
woobaby's Fluffy Friends down series boasts high-end, meticulous tailoring techniques. Departing from traditional fabric splicing methods, designers craft three-dimensional fuzzy dolls on jackets through the stereoscopic collation of unit structures. Made of 800-fill power premium duck down, and partitioned filling ensures superior warmth.
woobaby's autumn/winter new arrivals, exhibited at the event, received high praise from designers for their unique designs, premium fabrics, and exquisite craftsmanship.
With a 21-year legacy, Shanghai Fashion Week has established itself as a prominent industry gathering, ranking second only to the world's four major fashion weeks. It has served as a platform for numerous talented Chinese designers to gain global recognition. Furthermore, the KIDS WEAR segment of Shanghai Fashion Week has emerged as a leading event in children's fashion, setting trends in children's wear design.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
woobaby Dazzles with Spectacular Showcase at Shanghai Fashion Week
$1.24bn quarterly net income in Q3, up 11% YoY beating market expectations
Revenues of $6.28 billion exceeding $6 billion for fourth quarter in a row
Q3 results coincide with ADNOC Gas' Board approval of an updated growth strategy
Updated strategy targets over 40% growth in EBITDA by 2029 and includes $15 billion CAPEX
ABU DHABI, UAE, Nov. 11, 2024 /PRNewswire/ -- ADNOC Gas plc and its subsidiaries (together referred to as 'ADNOC Gas' or the 'Company') (ADX symbol: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing company, today announced strong earnings for the third quarter of 2024, with net income increasing 11% year-on-year (YoY) to $1.24 billion, beating Bloomberg consensus for the quarter.
The announcement of the company's Q3 results coincides with ADNOC Gas' Board of Directors approval of an updated growth strategy, that targets an increase of over 40% in EBITDA by 2029 and sets capital expenditure (CAPEX) of up to $15 billion for the period 2025-2029.
Dr. Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said: "Our Q3 results are a testament to our robust performance while our updated strategy supports future proofing our business, aiming for over 40% EBITDA growth by 2029. We're committed to delivering exceptional shareholder value with our ambitious growth plans and an expected 5% annual dividend increase.
By advancing our projects and optimizing our existing assets, we will continue to support the UAE's industrial diversification while delivering more gas to our domestic customers through our expanding infrastructure."
"Additionally, through our decarbonization initiatives, we will help meet rising global demand for lower-carbon natural gas, positioning ADNOC Gas as a leader in the sustainable global gas industry," Dr. Alebri added.
Q3 Results
ADNOC Gas' Q3 revenues rose to $6.281 billion, up 8% YoY, exceeding $6 billion for the fourth quarter in a row. The results are driven by higher sales volumes and an improved price environment for export-traded liquids. EBITDA increased 18% YoY to $2.205 billion, yielding a continually robust 35% EBITDA margin. Free cash flow was $1.184 billion.
In the first nine months of 2024, net income increased 18% YoY to $3.62 billion. This is attributable to volumes of export traded liquids and LNG increasing 6.5%, sales gas rising by 4.5% YoY, and domestic gas growth of 3.5%. The nine-month results were improved further by better LPG and LNG pricing. This resulted in EBITDA for the first nine months of the year of $6.37 billion, an 18% increase YoY.
Strategy Update
In the UAE, the annual growth in gas demand to 2030 is expected to be 6%, versus an expected 2% at the time of the IPO. This strong increase in demand will be driven by higher economic activity, population growth and industrial expansion, underpinned by AI data centers and the food industry.
To participate in this new demand growth, ADNOC Gas plans to increase Capex from $13 to $15 billion (2025-2029), which will fuel over 40% growth in EBITDA by 2029.
All ADNOC Gas projects are subject to rigorous capital discipline, which has resulted in the transfer of the ESTIDAMA pipeline network project and funding of the Habshan CO2 Recovery project to the ADNOC Group. Both projects will continue to be managed and operated by ADNOC Gas. Meanwhile, the LNG 2.0 project, the rejuvenation and extension work for Das Island, has been cancelled.
ADNOC Gas' major focus until 2029 will be on the development and delivery of three large projects under construction (post-final investment decision (FID). These are the Maximization of Ethane Recovery and Monetization (MERAM) project, which will deliver up to 3.4 million tonnes per annum (mtpa) of ethane and NGL production capacity; the IGD-E2 project, which will have a gas processing capacity of 370 million standard cubic feet per day (mscfd); and Ruwais LNG, which will have the capacity to produce up to 9.6 mtpa of LNG.
The updated growth strategy also advances the design and concept study of large-scale pre-FID projects to accommodate a significant increase in the company's gas processing capabilities as ADNOC expands its upstream production capacity, as well as the Bab Gas Cap project, which are expected to be completed after 2029.
$ Million
Q323
Q2 24
Q3 24
YoY %
QoQ %
Q3 24
vs. Q3
23
Q3 24
vs. Q2
24
Revenue
5,807
6,076
6,281
8 %
3 %
COGS
-3,466
-3,480
-3,581
3 %
3 %
Opex
-479
-510
-495
3 %
-3 %
EBITDA
1,863
2,086
2,205
18 %
6 %
Net Income
1,116
1,190
1,243
11 %
4 %
EBITDA Margin
32 %
34 %
35 %
303 bps
77 bps
Net Income Margin
19 %
20 %
20 %
59 bps
21 bps
Free Cash Flow
1,308
1,002
1,184
-9 %
18 %
Link to Strategy Microsite
About ADNOC Gas
*ADNOC Gas which refers to ADNOC Gas Plc and its subsidiaries (ADX: ADNOCGAS), listed on the ADX (ADX symbol: "ADNOCGAS" / ISIN: "AEE01195A234"), is a world-class, large-scale integrated gas processing company. We operate across the gas value chain, from receipt of feedstock from ADNOC (through large, long-life operations for gas processing and fractionation) to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE's sales gas needs and supplies end-customers in over twenty countries. To find out more, visit: www.adnocgas.ae
For investor inquiries, please contact:
Christian Audi
Vice President, Investor Relations
+971 (2) 6037366
ir@adnocgas.ae
For media inquiries, please contact:
Colin Joyce
Vice President, Corporate Communications
+971 (2) 6037444
media.adg@adnoc.ae
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
ADNOC Gas Delivers Strong Q3 Results; Board Approves Strategy Update