ADNOC Gas has reported a record net income of $5bn (Dh18.36bn) for the full year 2024 (FY24), marking a 13% year-on-year increase.
This financial milestone is accompanied by the company’s highest quarterly income of $1.38bn since its initial public offering.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
ADNOC Gas chief executive officer Fatema Al Nuaimi said: “Our record-breaking fourth quarter results demonstrate our ability to deliver on our ambitious growth strategy as we seek to realise EBITDA [earnings before interest, taxes, depreciation and amortization] growth of over 40% by 2029.
“ADNOC Gas’ evolution into one of the highest income generating companies listed in the UAE [United Arab Emirates], which is a testament to our commitment to create long-term and sustainable value for our shareholders, as we invest in growth projects to meet the growing demand for lower-carbon domestic gas, LPG [liquefied petroleum gas] and LNG [liquefied natural gas], both locally and globally as key fuels in the energy transformation.”
For the full year, ADNOC Gas saw its adjusted net income rise to $5bn, with total sales volumes increasing by 2% to 3.62 billion British thermal units.
The growth in volume was primarily driven by a 13% increase in the contribution from the ADNOC LNG joint venture.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAdjusted revenues also saw a 7% year-on-year increase in FY24 to $24.43bn, spurred by the rise in sales volume and improved pricing.
The company’s better performance translated into a 14% growth in EBITDA, reaching $8.65bn, maintaining a high, stable margin of 35%.
The impressive fourth-quarter (Q4) results of ADNOC Gas reflect the execution of its updated strategy, which was unveiled after Q3 2024.
The strategy aims for a 40% increase in EBITDA by 2029 and includes capex of up to $15bn for the 2025–29 period.
This plan also encompasses the acquisition of ADNOC’s 60% share in the lower-carbon-intensity Ruwais LNG project at cost in the second half of 2028.
In Q4 2024, ADNOC Gas delivered adjusted revenues of $6.06bn, EBITDA of $2.28bn and net income of $1.38bn.
The substantial improvement was attributed to a richer mix of gas, increased production of liquids and improved commercial terms in the domestic market.
ADNOC Gas has officially confirmed a dividend of $3.41bn for the financial year 2024.
An interim cash dividend of $1.71bn was paid in September 2024, and an additional $1.71bn is expected to be paid in April this year, subject to approval at the annual general meeting.
The FY2024 final dividend aligns with the company’s 5% annual increase policy and exceeds its commitment by more than $1bn in free cash flow.
