Adnoc Gas reports $5 billion in net income for 2024

Company records $1.38 billion in fourth-quarter profit

Adnoc Gas confirmed a dividend of $3.4 billion for the 2024 fiscal year. Photo: Adnoc

Adnoc Gas reported net income of a "record $5 billion" for the 2024 fiscal year, a 13 per cent year-on-year increase.

The company also recorded $1.38 billion in fourth-quarter profit, its highest quarterly net income since its initial public offering.

Adnoc Gas said the profit increase came on the back of strong demand for domestic gas.

"Adnoc Gas' evolution into one of the highest income generating companies listed in the UAE ... [comes] as we invest in growth projects to meet the growing demand for lower carbon domestic gas, LPG and LNG, both locally and globally as key fuels in the energy transformation," said Fatema Al Nuaimi, chief executive of Adnoc Gas.

The company also reported earnings before interest, taxes, depreciation and amortisation growth of 14 per cent to $8.65 billion, with a stable margin of 25 per cent. Meanwhile, free cash flow for the year reached $4.58 billion.

Adjusted revenue for the 2024 fiscal year rose by 7 per cent annually to $24.43 billion, which the company said was due to a 2 per cent increase in sales volume and improved pricing.

Total sales volumes for the fiscal year were 3,616 million mmbtu, a 2 per cent annual increase. The company said the increase was driven by a 13 per cent increase in the Adnoc LNG (ALNG) joint venture contribution.

Adjusted revenue for the fourth quarter was $6.06 billion while ebitda hit $2.28 billion.

"Our record-breaking fourth quarter results demonstrate our ability to deliver on our ambitious growth strategy as we seek to realise ebitda growth of over 40 per cent by 2029," Ms Al Nuaimi said.

Adnoc Gas said the final dividend for the fiscal year is in line with its policy to increase the annual dividend by 5 per cent year-on-year. It also said it underlines the company's strong free cash flow, "which exceeds the dividend commitment by over $1 billion".

Adnoc Gas confirmed its dividend of $3.41 billion for the 2024 fiscal year. An interim cash dividend of $1.70 billion was paid in December. An additional $1.70 billion is expected to be paid in April pending approval.