ADNOC Gas’ profit rose 13% in 2024 to $5 billion due to strong demand in the country

ADNOC Gas’ profit rose 13% in 2024 to $5 billion due to strong demand in the country

ADNOC Gas said its net income in 2024 grew by 13% from last year, reaching $5 billion. This increase was driven by strong demand for gas in the country and higher sales.

ADNOC Gas Earnings

Revenue Growth

ADNOC Gas made $24.43 billion in 2024, which is 7% more than the previous year. This increase happened because the company sold 2% more gas and got better prices.

In 2024, the company sold 3,616 million MMBTU of gas, 2% more than before. This growth was mainly due to a 13% rise in sales from its joint venture, ADNOC LNG.

Profit and Cash Flow

The company’s profit (before certain costs like interest, taxes, and depreciation) grew by 14% to $8.65 billion, keeping a steady 35% profit margin. ADNOC Gas also had strong cash flow, making $4.58 billion. The company supplies about 60% of the UAE’s gas and sells to customers in more than 20 countries.

Q4 2024 Results

In the last three months of 2024, ADNOC Gas earned $6.06 billion, with $2.28 billion in profit before costs and $1.38 billion in net income.

This strong performance was due to selling more valuable gas, producing more liquid gas, and better deals in the local market.

ADNOC Gas said these results show its strategy is working. The company plans to increase profit by over 40% by 2029. It will invest up to $15 billion from 2025 to 2029, including buying a 60% share in the Ruwais liquefied natural gas (LNG) project in 2028.

Dividends

For 2024, ADNOC Gas will pay a total dividend of $3.412 billion. Half of this ($1.706 billion) was paid in September 2024, and the rest will be paid in April 2025 if approved in the Annual General Meeting.

Total Assets

By the end of 2024, ADNOC Gas had total assets worth $30.8 billion.

Published: 6th February 2025

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