Shareholders "ADNOC Gas" They agree to distribute profits of $ 3.41 billion in 2024
Abu Dhabi, March 24/ WAM/ ADNOC Gas and its subsidiaries announced the approval of the shareholders at its annual public assembly meeting to distribute profits of $ 3.41 billion in 2024, including final profits of $ 1.706 billion, which are scheduled to be distributed in the second quarter of 2025.
His Excellency Dr. Sultan bin Ahmed Al -Jaber, Minister of Industry and Advanced Technology, Chairman of the Board of Directors of “ADNOC Gas”, said on this occasion that “ADNOC Gas” recorded in 2024 record financial results, and launched major growth projects, and announced the largest profit distributions in the Abu Dhabi Securities Market, and the company achieved total returns for its shareholders of 19%.
He added that while the world’s dependence on natural gas and liquefied natural gas, especially in the continent of Asia, “ADNOC Gas ‘continues to consolidate its global position and enhance its role in enabling global energy security and its effective contribution to supporting economic growth and industrial development in the UAE, where” ADNOC Gas’ has a solid position and unique capabilities that enable it to achieve more growth and support the qualitative shift in energy systems.
“ADNOC Gas” achieved strong financial results in 2024, where it recorded a net record income of $ 5 billion, with an exceptional increase of 13% on an annual basis, and a strong growth in profits before deducting interest, taxes, depreciation, consumption by 14% on an annual basis to reach 8.65 billion dollars, a strong and stable profit margin before deducting interest, taxes, consumption, consumption by 35%, and cash flow Free $ 4.58 billion.
The strong financial results of the 2024 company confirm the success of its control and disciplined strategy, which was announced in November of the same year.
The strategy of the updated company includes the implementation of $ 15 billion investments in growth opportunities, aimed at meeting the growing global demand for natural gas, and achieving an expected increase in profits before deducting interest, taxes, depreciation and consumption by 40% by 2029 compared to 2023.
The company aims to achieve this by an expected increase of 30% in its ability to treat gas in conjunction with ADNOC expanding production capacity from its work in the field of exploration, development and production.
It is noteworthy that the meeting of the General Assembly came after the completion of “ADNOC” to offer a store for about 3.1 billion ordinary shares for investment institutions from the shares of “ADNOC Gas Company”, which is the largest proposal at all in the Abu Dhabi Securities Market, and the largest secondary offering in the UAE worth $ 2.84 billion.
As a result of completing the offering, ADNOC Gas has succeeded in diversifying the base of its shareholders, and expects the possibility of its shares to be included in the “Morgan Stanley Capital International Emerging Markets” index (MSCI) and the “Fintsal Times Stock Exchange Index” (FTSE), early this year.
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