ADNOC Gas announced today that its shareholders approved distributing $3.41 billion in full-year dividends for 2024, including a final dividend payment of $1.706 billion scheduled for distribution in the second quarter of 2025.
“In 2024, we achieved record financial results, advanced major growth projects and declared the largest dividend payment on the ADX, while continuing to capitalize on robust market fundamentals to deliver a total return to shareholders of 19 percent,” stated Dr. Sultan Ahmed Al Jaber, chairman of ADNOC Gas’ board of directors.
ADNOC Gas posts record adjusted net income
ADNOC Gas delivered strong financial results in 2024 reporting a record adjusted net income of $5 billion, up an impressive 13 percent year-on-year, and strong EBITDA growth of 14 percent year-on-year to $8.65 billion, with a high, stable EBITDA margin of 35 percent with free cash flow of $4.58 billion.
“As the world increasingly turns to natural gas and LNG, particularly in Asia, we further strengthened our position as a critical enabler of global energy security and a key contributor to the UAE’s economic growth and industrial development. ADNOC Gas remains uniquely positioned to unlock further growth while supporting the transformation of global energy systems,” added Al Jaber.
ADNOC Gas’ robust full-year 2024 results demonstrate the success of its disciplined strategy, unveiled in November 2024. The strategic update outlined investments of $15 billion in growth opportunities designed to meet the escalating global demand for natural gas and drive a projected 40 percent increase in EBITDA by 2029 from a 2023 baseline.
This will be achieved through an expected 30 percent increase in the company’s gas processing capacity as ADNOC expands its upstream production capacity.
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ADNOC offering raises $2.84 billion
The annual general meeting follows the completion of ADNOC’s recent marketed offering of 3.1 billion shares in ADNOC Gas, the largest share placement ever on the ADX, and the largest secondary offering in the UAE at $2.84 billion.
An increased free float is also expected to pave the way for inclusion in the Morgan Stanley Capital International (MSCI) Emerging Market Index and the Financial Times Stock Exchange (FTSE) Emerging Market Index, which may occur at the next quarterly review, contingent upon ADNOC Gas meeting all relevant inclusion criteria. Inclusion in these indices would help diversify the company’s investor base and significantly enhance awareness of its value proposition.
