18.4 billion dirhams profits "ADNOC Gas" In 2024
Abu Dhabi, February 6 / WAM / ADNOC Gas BLC announced today that record profits for the fiscal year 2024 at a value of 18.4 billion dirhams and achieve the highest quarterly results of the company since the first year of the year, reaching 5 billion dirhams.
Fatima Al -Nuaimi, CEO of ADNOC Gas Company, said that the financial results in the fourth quarter of 2024 confirm the company’s ability to implement its ambitious strategy for growth through which it aims to increase profits before deducting interest, taxes, destruction and consumption for more than 40% by 2029.
She added that the development of “ADNOC Gas” to become one of the largest companies listed in terms of revenues in the country, is evidence of its commitment to create a long -term value and sustainable for its shareholders through investing in growth projects to meet the growing demand locally and globally on low -emissions gas, liquefied oil and liquefied natural gas as they are Main energy resources support the qualitative shift in the energy sector.
During the fiscal year 2024, ADNOC Gas was able to record an increase in the average net income by 13% on an annual basis to reach 18.4 billion dirhams.
The strong financial performance of the company came thanks to the increase in the demand for gas in the domestic market, with a rise in sales volume and the improvement of prices.
The total sales volume during the year also increased by 2% to 3.616 million British thermal units, and the increase came thanks to the high rate of return from the company’s share in the joint project of ADNOC LNG, as it reached 13%.
The modified revenue increased by 7% on an annual basis during the year 2024 to reach 89.7 billion dirhams, thanks to the increase in sales volume by 2% and price improved.
The strong financial performance of the company in the year 2024 was translated into a strong growth in profits before deducting benefits, taxes, depreciation and consumption by 14% to 31.8 billion dirhams, achieving a strong and stable profit margin of 35%.
The free cash flow recorded a significant increase of 16.8 billion dirhams, confirming the capabilities of the strong cash flows of the company.
The strong financial results of the company in the fourth quarter of 2024 reflected the ruler and sustainable implementation of its updated strategy, which was announced after the financial results of the third quarter of the same year.
The strategy targeted the increase in profits before deducting interest, taxes, depreciation and consumption for more than 40% by 2029, as well as expected capital expenses of 55 billion dirhams during the period between 2025-2029, including the cost of acquisition of the 60% “ADNOC” share in the Ruwais project LNG low emissions at the cost price in the second half of 2028.
In the fourth quarter of 2024, “ADNOC Gas” achieved modified revenues of 22.3 billion dirhams and a profit rate of 8.4 billion dirhams before deducting interest, taxes, destruction and consumption, and net profits of 5 billion dirhams.
“ADNOC Gas” confirms its profits of more than 12.5 billion dirhams for the fiscal year 2024, as it made phased cash distributions of about 6.3 billion dirhams in September 2024 and an additional 6.3 billion dirhams will be paid in April 2025, after the approval of the company’s board of directors during a meeting General Assembly. The profit distributions of 2024 correspond to the “ADNOC Gas” policy aimed at raising the annual profit distributions by 5% per share,
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