Adnoc Gas says 2024 net income climbs to $5 billion

14 percent to $8.65 billion with a high, stable margin of 35 percent, Adnoc Gas said.

Also, free cash flow for the period reached $4.58 billion.

Adnoc Gas said the company’s fourth-quarter results reflect the ongoing disciplined execution of its updated strategy that was unveiled after Q3 2024.

The plan targets an increase of over 40 percent in Ebidta by 2029 and also entails capital expenditure (CAPEX) of up to $15 billion for the 2025-2029 period, which includes the acquisition of Adnoc’s 60 percent share of the Ruwais LNG project in H2 2028.

ADNOC Gas delivered adjusted revenues of $6.06 billion, Ebidta of $2.28 billion and net income of $1.381 billion in the fourth quarter of 2024.

“The robust improvement was driven by several factors including a richer mix of gas, producing more liquids, and improved commercial terms in the domestic market,” it said.

Dividend

For the financial year 2024, Adnoc Gas confirmed its dividend of $3.412 billion, of which an interim cash dividend of $1.706 billion was paid in September 2024 and an additional $1.706 billion is expected to be paid in April 2025, pending approval at the AGM.

“The final dividend for FY 2024 is in line with the company’s robust policy to increase the annual dividend by 5 percent annually and reflects the company’s strong free cash flow, which exceeds the dividend commitment by over $1 billion,” Adnoc Gas said.