ADNOC Gas plc has reported strong financial results for the second quarter (Q2) of 2024, surpassing market expectations with an adjusted net income of $1,190 million, reflecting a 21% year-on-year (y-o-y) increase.
Revenues for the period reached $6,076 million, up 13% from the same period last year, driven by increased domestic demand due to population growth and industrial expansion within the UAE.
The company, which supplies over 60% of the UAE’s gas demand, plays a crucial role in supporting the growth of key industrial sectors, including petrochemicals. ADNOC Gas also reported significant EBITDA growth, which rose by 18% y-o-y to $2,086 million, with an EBITDA margin of 34%. This robust performance is attributed to high sales demand and the benefits of ADNOC Gas’ long-term gas supply agreements.
Dr. Ahmed Alebri, CEO of ADNOC Gas, highlighted the company’s focus on growth and efficiency, noting that the 21% improvement in Q2 net profit underscores ADNOC Gas’ commitment to enhancing performance and optimizing costs.
In line with its dividend policy, ADNOC Gas has announced a 5% increase in its annual dividend per share, totalling $3,412 million for the full year 2024. The company’s Board of Directors has approved an interim dividend of $1,706 million, which will be distributed in September 2024.
This interim dividend corresponds to a dividend per share of 8.164 fils. A final dividend of the same amount is planned for distribution in April 2025, pending approval at the Annual General Meeting.
ADNOC Gas’ strong financial performance and commitment to shareholder returns highlight its integral role in powering the UAE’s industrial growth and economic diversification.
News Source: Emirates News Agency
