ADNOC Gas has announced a record-breaking net income of $5 billion for the fiscal year 2024, along with its highest-ever quarterly earnings of $1.38 billion since its initial public offering (IPO). The company's performance has significantly exceeded Bloomberg's market projections for both the full year and the fourth quarter.
Strong Financial Performance and Growth Strategy
Commenting on the results, Fatema Al Nuaimi, CEO of ADNOC Gas , emphasized the company's commitment to its ambitious growth strategy , with a goal of increasing EBITDA by over 40% by 2029. She highlighted ADNOC Gas's position as one of the UAE's top income-generating investments listed companies and reiterated its ongoing in expansion projects to meet the growing demand for lower-carbon domestic gas, liquefied petroleum gas (LPG), and liquefied natural gas (LNG) in both local and international markets.
Full-Year and Q4 2024 Performance
ADNOC Gas recorded a 13% year-on-year (YoY) growth in adjusted net income, reaching $5 billion in 2024. This performance was driven by strong domestic gas demand , which supported higher sales volumes and improved pricing . The company's total sales volume increased 2% to 3,616 million MMBTU , bolstered by a 13% growth in the contribution from the ADNOC LNG (ALNG) joint venture .
Revenues for the year grew 7% YoY to $24.43 billion , supported by higher volumes and better pricing . Additionally, EBITDA saw a 14% increase , reaching $8.65 billion , with a stable 35% margin . ADNOC Gas also reported a strong free cash flow of $4.58 billion , reflecting its robust financial health and operational efficiency.
The company's Q4 2024 performance saw continued momentum, following the execution of its revised strategic plan unveiled after Q3. This plan aims to boost EBITDA by over 40% by 2029 , backed by a capital expenditure (CAPEX) plan of up to $15 billion between 2025 and 2029. A key aspect of this strategy includes acquiring ADNOC's 60% stake in the Ruwais lower-carbon LNG project at cost in the second half of 2028.
For Q4 2024 alone, ADNOC Gas achieved $6.06 billion in adjusted revenues , $2.28 billion in EBITDA , and $1.381 billion in net income . The strong performance was fueled by a richer gas mix, increased liquid production, and improved commercial terms in the domestic market.
Dividend Confirmation for 2024
ADNOC Gas has confirmed a full-year dividend of $3.412 billion for 2024. The first installment of $1.706 billion was distributed in September 2024 , with the remaining $1.706 billion expected to be paid in April 2025 , pending approval at the Annual General Meeting (AGM) . The dividend aligns with the company's policy to increase annual payouts by 5% , supported by a strong free cash flow that exceeds the dividend commitment by over $1 billion .