HOUSTON, TEXAS (Energy Analytics Institute, 6.Feb.2025) — ADNOC Gas plc and its subsidiaries reported record earnings for the full year (FY) 2024 of $5bn, and its highest quarterly income of $1.38bn since its initial public offering (IPO), significantly ahead of the Bloomberg consensus for both periods.
“Our record-breaking fourth quarter results demonstrate our ability to deliver on our ambitious growth strategy as we seek to realize EBITDA growth of over 40% by 2029,” ADNOC Gas CEO Fatema Al Nuaimi said 6 Feb. 2025 in an official statement.
“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,” Nuaimi said.
FY 2024 and 4Q:24 Results
For the full year period, ADNOC Gas reported adjusted net income increased by 13% year-on-year to $5bn. 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% to 3,616 million MMBTU. This increase in volume was enabled by a 13% increase in the ADNOC LNG (ALNG) joint venture contribution.
Adjusted revenues increased by 7% year-over-year in FY 2024 to $24.43bn driven by a 2% increase in sales volume and improved pricing. The company’s strong top line performance for 2024 translated into EBITDA growth of 14% to $8.65bn with a high, stable margin of 35%. Free cash flow for the period reached $4.58bn, reflecting the company’s strong cash conversion capabilities.
The company’s 4Q:24 results reflect the ongoing disciplined execution of its updated strategy that was unveiled after 3Q:24. The plan targets an increase of over 40% in EBITDA by 2029 and entails capital expenditure (CAPEX) of up to $15bn for the 2025-2029 period, which includes the acquisition of ADNOC’s 60% share of the lower-carbon intensity Ruwais liquefied natural gas (LNG) project at cost in 2H:28.
ADNOC Gas delivered adjusted revenues of $6.06 bn, EBITDA of $2.28bn and net income of $1.381bn in the 4Q:24. The improvement was driven by several factors including a richer mix of gas, producing more liquids, and improved commercial terms in the domestic market, the company said.
Full year dividend confirmed
For the financial year 2024, ADNOC Gas confirms its dividend of $3.412bn, of which an interim cash dividend of $1.706bn was paid in Sep. 2024 and an additional $1.706bn is expected to be paid in Apr. 2025, pending approval at the Annual General Meeting (AGM).
The final dividend for FY 2024 is in line with the company’s robust policy to increase the annual dividend by 5% annually and reflects the company’s strong free cash flow, which exceeds the dividend commitment by over $1bn, the company said.
| $ Million | FY 23 | FY 242 | YoY%FY24 vs. FY23 | Q4 23 | Q3 242 | Q4 242 | YoY % | QoQ % |
| Q4 24 vs. Q4 23 | Q4 24 vs. Q3 24 | |||||||
| Adjusted Revenue | 22,731 | 24,428 | 7 % | 6,301 | 6,281 | 6,060 | -4 % | -4 % |
| COGS | -13,079 | -13,770 | 5 % | -3,598 | -3,581 | -3,299 | -8 % | -8 % |
| Opex | -2,037 | -2,009 | -1 % | -491 | -495 | -479 | -2 % | -3 % |
| EBITDA | 7,614 | 8,648 | 14 % | 2,212 | 2,205 | 2,282 | 3 % | 3 % |
| Net Income | 4,4211 | 5,001 | 13 % | 1,345 | 1,243 | 1,381 | 3 % | 11 % |
| EBITDA Margin | 33 % | 35 % | 191bps | 35 % | 35 % | 38 % | 255 bps | 255bps |
| Net Income Margin | 19 % | 20 % | 102bps | 21 % | 20 % | 23 % | 143bps | 299bps |
| Free Cash Flow2 | 4,460 | 4,584 | 3 % | 834 | 1,184 | 1,215 | 46 % | 3 % |
1. Adjusted net income that exc. Prior year deferred tax; 2. 2024 as per unaudited financial statements
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