ADNOC Gas plc and its subsidiaries have announced a record net income of USD 5 billion for the full year (FY) 2024, alongside the highest quarterly income of USD 1.38 billion since its IPO.
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, commented, “Our record fourth-quarter performance highlights our capability to execute our ambitious growth strategy, aiming for over 40% EBITDA growth by 2029.”
She added, “ADNOC Gas has evolved into one of the UAE’s highest income-generating companies, demonstrating our commitment to sustainable long-term value for shareholders. This growth is driven by investments in projects that meet the rising demand for lower-carbon domestic gas, LPG, and LNG locally and globally, crucial for the energy transition.”
For the year, adjusted net income grew by 13% year-on-year to USD 5 billion, bolstered by strong demand for domestic gas, which supported volume growth and improved pricing.
The solid performance translated into a 14% increase in EBITDA to USD 8.65 billion, with a stable margin of 35%. Free cash flow for the period reached USD 4.58 billion, reflecting strong cash conversion.
The fourth-quarter results demonstrate the effective execution of the updated strategy introduced after Q3 2024, targeting over 40% EBITDA growth by 2029 and capital expenditure (CAPEX) of up to USD 15 billion for 2025-2029, which includes the acquisition of ADNOC’s 60% stake in the lower-carbon Ruwais LNG project by H2 2028.
In Q4 2024, ADNOC Gas reported adjusted revenues of USD 6.06 billion, EBITDA of USD 2.28 billion, and net income of USD 1.381 billion, driven by a richer gas mix, more liquids production, and better commercial terms in the domestic market.
The final dividend aligns with the company’s policy of increasing the annual dividend by 5% and reflects strong free cash flow, which exceeds the dividend commitment by over USD 1 billion.
