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

Business

Energy

Adnoc Gas reports $5 billion in net income for 2024

Company records $1.38 billion in fourth-quarter profit

The National

February 06, 2025

  • English
  • Arabic

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.

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Company%20Profile
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

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How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

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Camera: 8MP rear, 5MP front

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Battery: 8200mAh, up to 10 hours video

Platform: Android 11

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Rating: 4/5

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