Adnoc Gas delivers record $5 billion net income

Adnoc Gas and its subsidiaries today announced record earnings for the full year (FY) 2024 of $5 billion and its highest quarterly income of $1.38 billion since its IPO. Fatema Al Nuaimi, Chief Executive Officer of Adnoc Gas, said, “Our record-breaking fourth quarter results demonstrate our ability to deliver on our ambitious growth strategy as we seek to realise Ebitda growth of over 40 per cent by 2029.

“Adnoc Gas’ evolution into one of the highest income generating companies listed in the UAE, which is a testament to our commitment to create long-term and sustainable value for our shareholders, as we invest in growth projects to meet the growing demand for lower carbon Domestic Gas, LPG and LNG, both locally and globally as key fuels in the energy transformation.”

For the full-year period, adjusted net income increased by 13 per cent year-on-year to $5 billion. The company’s strong performance was underpinned by robust demand for domestic gas, which supported volume growth and improved pricing.

Total sales volumes in FY 2024 increased by 2 per cent to 3,616 million MMBTU. This increase in volume was enabled by a 13 per cent increase in the ADNOC LNG (ALNG) joint venture contribution.

Adjusted revenues increased by 7 per cent YoY in FY 2024 to $24.43 billion, driven by a 2 per cent increase in sales volume and improved pricing.

The company’s strong top line performance for 2024 translated into a strong Ebitda growth of 14 per cent to $8.65 billion with a high, stable margin of 35 per cent.

WAM