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.
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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.
Adjusted 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.
