Abu Dhabi-based ADNOC Gas delivered a record $5 bill net income last year.
In addition, the 2024 $8.65 bill EBITDA was a rise of 14% year-on-year.
A full year dividend of $3.41 bill was confirmed, growing by 5% per annum.
Adjusted revenue rose by 7% y-o-y to $24.43 bill, driven by greater diversified growth in the UAE economy.
ADNOC Gas also reported its highest quarterly income of $1.38 bill for the fourth quarter of last year since its IPO.
CEO Fatema Al Nuaimi, 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% 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 ttransformation," she said.
The company’s updated strategy was unveiled after 3Q24, which targets an EBITDA increase of over 40% by 2029 and entails capital expenditure (CAPEX) of up to $15 bill for the 2025/2029 period.
This includes the acquisition of ADNOC’s 60% share of the lower-carbon intensity Ruwais LNG project at cost in 2H28.
