Abu Dhabi: ADNOC Gas plc and its subsidiaries today announced record earnings for the full year (FY) 2024 of $5 billion and its highest quarterly income of $1.38 billion since its IPO.
According to Emirates News Agency, Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, stated that the company's fourth-quarter results underscore their capability to achieve ambitious growth goals, with an aim to realize EBITDA growth of over 40 percent by 2029.
ADNOC Gas has evolved into one of the top income-generating companies listed in the UAE, which reflects their commitment to long-term and sustainable shareholder value. This growth is driven by investments in projects to satisfy the rising demand for lower carbon Domestic Gas, LPG, and LNG, both locally and globally, as key components in energy transformation.
For the full year, the company achieved a 13 percent year-on-year increase in adjusted net income, amounting to $5 billion. This strong performance was supported by robust domestic gas demand, which facilitated volume growth and improved pricing. Total sales volumes in FY 2024 increased by 2 percent to 3,616 million MMBTU, bolstered by a 13 percent rise in the ADNOC LNG (ALNG) joint venture contribution.
Adjusted revenues grew by 7 percent year-on-year in FY 2024 to $24.43 billion, propelled by a 2 percent sales volume increase and better pricing. The company's top-line performance translated into a 14 percent growth in EBITDA to $8.65 billion, with a stable margin of 35 percent. Free cash flow for the period reached $4.58 billion, showcasing the company's strong cash conversion abilities.
The fourth-quarter results of ADNOC Gas highlight the successful execution of its updated strategy, unveiled after Q3 2024. This plan aims for over 40 percent EBITDA growth by 2029, with planned capital expenditure (CAPEX) of up to $15 billion for the 2025-2029 period. This includes acquiring ADNOC's 60% share in the lower-carbon intensity Ruwais LNG project, targeted for H2 2028.
In the fourth quarter of 2024, ADNOC Gas reported adjusted revenues of $6.06 billion, EBITDA of $2.28 billion, and net income of $1.381 billion. The improvement was driven by factors like a richer gas mix, increased liquid production, and better commercial terms in the domestic market.
For FY 2024, ADNOC Gas confirmed a dividend of $3.412 billion, with an interim cash dividend of $1.706 billion paid in September 2024 and an additional $1.706 billion expected in April 2025, pending approval at the Annual General Meeting. The final dividend aligns with the company's policy to increase the annual dividend by 5 percent, reflecting strong free cash flow exceeding the dividend commitment by over $1 billion.
