ADNOC Group’s listed companies reported AED 182.4B (USD 49.7B) in revenue for 2024, with EBITDA reaching AED 58.7B (USD 16B) and net profit exceeding AED 33B (USD 9B). The six firms plan to distribute AED 24.6B (USD 6.7B) in dividends, subject to shareholder approval, reinforcing their strategies for sustainable growth and shareholder returns.
ADNOC Distribution recorded AED 3.85B (USD 1.05B) in EBITDA, a 4.8% annual increase, driven by higher fuel sales, non-fuel retail expansion, and overseas operations. Net profit rose 2.4% to AED 2.66B (USD 725M), excluding UAE corporate tax. The company aims to expand to 1,000 stations and 500 EV chargers by 2028, with 40-50 new stations in Saudi Arabia in 2025.
ADNOC Drilling achieved record revenue of AED 14.7B (USD 4B), up 32%, with EBITDA of AED 7.3B (USD 2B), a 36% rise. Net profit grew 26% to AED 4.8B (USD 1.3B), driven by fleet expansion and oilfield services growth. The total 2024 dividend is AED 2.9B (USD 788M).
ADNOC Gas posted AED 18.35B (USD 5B) in net income and 14% EBITDA growth to AED 31.75B (USD 8.65B), supported by strong domestic gas demand. Revenue increased 7% to AED 89.66B (USD 24.43B). The firm aims for 40% EBITDA growth by 2029 and plans AED 12.5B (USD 3.412B) in dividends.
ADNOC L&S reported AED 13B (USD 3.55B) in revenue, up 29%, with EBITDA rising 31% to AED 4.2B (USD 1.15B) and net profit up 22% to AED 2.8B (USD 756M). Investments included 23 energy-efficient vessels and an 80% stake in Navig8, expected to boost 2025 earnings by 20%.
Borouge recorded AED 4.55B (USD 1.24B) in net profit, a 24% increase, with record sales of 5.3 million tonnes. Revenue grew 4% to AED 22B (USD 6B), while Borouge 4 expansion aims to raise annual capacity by 28% to 6.4 million tonnes. The 2024 dividend stands at AED 4.8B (USD 1.3B).
Fertiglobe posted AED 7.3B (USD 2B) in revenue and AED 2.4B (USD 648M) in EBITDA, achieving its AED 183.5M (USD 50M) cost reduction target. It is advancing a 1-million-tonne low-carbon ammonia project, with production set for 2027. The 2024 dividend is AED 1B (USD 275M), yielding 5%.
