emirates7 - ADNOC Gas plc and its subsidiaries have reported record-breaking earnings for the full year 2024, reaching $5 billion, alongside their highest quarterly net income of $1.38 billion since the company’s IPO.
Fatema Al Nuaimi, CEO of ADNOC Gas, highlighted the company’s outstanding fourth-quarter performance, stating, “These record results underscore our ability to execute our ambitious growth strategy as we work toward achieving EBITDA growth of over 40 percent by 2029.”
She further emphasized ADNOC Gas’ transformation into one of the UAE’s most profitable publicly listed companies, attributing it to the company’s dedication to generating sustainable, long-term value for shareholders. This commitment is reflected in investments in expansion projects aimed at meeting the increasing demand for lower-carbon domestic gas, LPG, and LNG both within the UAE and globally—key components of the ongoing energy transition.
For the full year, ADNOC Gas recorded a 13 percent year-on-year increase in adjusted net income, reaching $5 billion. This strong financial performance was driven by heightened demand for domestic gas, which contributed to both volume growth and improved pricing.
Total sales volumes for FY 2024 rose by 2 percent to 3,616 million MMBTU, supported by a 13 percent increase in the ADNOC LNG (ALNG) joint venture’s contribution. Adjusted revenues for the year grew by 7 percent year-on-year to $24.43 billion, reflecting the rise in sales volume and favorable pricing conditions.
The company’s solid revenue growth translated into a 14 percent increase in EBITDA, reaching $8.65 billion, with a stable and high margin of 35 percent. Additionally, ADNOC Gas reported free cash flow of $4.58 billion, underscoring its strong cash generation capabilities.
The impressive fourth-quarter results stemmed from ADNOC Gas’ disciplined execution of its updated strategy, which was introduced following Q3 2024. This strategic roadmap outlines a target of over 40 percent EBITDA growth by 2029 and involves capital expenditure (CAPEX) of up to $15 billion between 2025 and 2029. A key component of this investment plan is the acquisition of ADNOC’s 60 percent stake in the lower-carbon-intensity Ruwais LNG project, scheduled for the second half of 2028.
For Q4 2024 alone, ADNOC Gas reported adjusted revenues of $6.06 billion, EBITDA of $2.28 billion, and net income of $1.381 billion. This strong performance was driven by a more favorable gas mix, increased production of liquid products, and improved commercial terms in the domestic market.
Regarding shareholder returns, ADNOC Gas confirmed a total dividend payout of $3.412 billion for FY 2024. An interim cash dividend of $1.706 billion was disbursed in September 2024, with an equivalent payment expected in April 2025, subject to approval at the Annual General Meeting.
The final dividend aligns with the company’s policy of increasing annual payouts by 5 percent, reflecting ADNOC Gas’ strong free cash flow, which surpasses its dividend commitments by more than $1 billion.
Fatema Al Nuaimi, CEO of ADNOC Gas, highlighted the company’s outstanding fourth-quarter performance, stating, “These record results underscore our ability to execute our ambitious growth strategy as we work toward achieving EBITDA growth of over 40 percent by 2029.”
She further emphasized ADNOC Gas’ transformation into one of the UAE’s most profitable publicly listed companies, attributing it to the company’s dedication to generating sustainable, long-term value for shareholders. This commitment is reflected in investments in expansion projects aimed at meeting the increasing demand for lower-carbon domestic gas, LPG, and LNG both within the UAE and globally—key components of the ongoing energy transition.
For the full year, ADNOC Gas recorded a 13 percent year-on-year increase in adjusted net income, reaching $5 billion. This strong financial performance was driven by heightened demand for domestic gas, which contributed to both volume growth and improved pricing.
Total sales volumes for FY 2024 rose by 2 percent to 3,616 million MMBTU, supported by a 13 percent increase in the ADNOC LNG (ALNG) joint venture’s contribution. Adjusted revenues for the year grew by 7 percent year-on-year to $24.43 billion, reflecting the rise in sales volume and favorable pricing conditions.
The company’s solid revenue growth translated into a 14 percent increase in EBITDA, reaching $8.65 billion, with a stable and high margin of 35 percent. Additionally, ADNOC Gas reported free cash flow of $4.58 billion, underscoring its strong cash generation capabilities.
The impressive fourth-quarter results stemmed from ADNOC Gas’ disciplined execution of its updated strategy, which was introduced following Q3 2024. This strategic roadmap outlines a target of over 40 percent EBITDA growth by 2029 and involves capital expenditure (CAPEX) of up to $15 billion between 2025 and 2029. A key component of this investment plan is the acquisition of ADNOC’s 60 percent stake in the lower-carbon-intensity Ruwais LNG project, scheduled for the second half of 2028.
For Q4 2024 alone, ADNOC Gas reported adjusted revenues of $6.06 billion, EBITDA of $2.28 billion, and net income of $1.381 billion. This strong performance was driven by a more favorable gas mix, increased production of liquid products, and improved commercial terms in the domestic market.
Regarding shareholder returns, ADNOC Gas confirmed a total dividend payout of $3.412 billion for FY 2024. An interim cash dividend of $1.706 billion was disbursed in September 2024, with an equivalent payment expected in April 2025, subject to approval at the Annual General Meeting.
The final dividend aligns with the company’s policy of increasing annual payouts by 5 percent, reflecting ADNOC Gas’ strong free cash flow, which surpasses its dividend commitments by more than $1 billion.